Daily Market Price Updates and Commentary 16th April 2026

July was trading higher on the opening and printed to 13.88 against initial hedge lifting before swiftly falling back to sit in the upper 13.70’s. A featureless morning then ensued with prices maintaining a tight range, recording lows at 13.72 to remain in net credit and showing little inclination to move in either direction. There was a degree of buying seen as US traders entered the arena, and a move to new daily highs followed with Jul’26 reaching 13.93 although with smaller traders providing the impetus the move soon faded. A quick return to the morning lows followed as the long positions were closed out and this seemed to condemn us to remain within the existing range for the duration of the day. Amongst the monotony there was some steady buying for May/Jul’26 which took the spread up to -0.14 points as it recovers ground lost during the index roll, but little else of any significance. Outright prices continued to swing around as smaller traders persisted in attempting to make a turn, however for many it appeared to be a fruitless effort, and we reached the close holding on to modest gains in the lower 13.80’s. With most day traders having already closed positions there was little movement for the call, leaving Jul’26 to end the day at 13.80, and May/Jul’26 still holding its highs at -0.14 points.        

Aug’26 commenced its tenure as spot month with a calm opening as limited interest from both sides left it sitting in front of underlying consumer support. Across the morning there was a narrow band holding between $413.90 and $410.80 and while this involved another new recent low being recorded it did not invoke any reactionary selling and the market continued to hold. The picture began to change during early afternoon as some spec buying and short covering combined to move prices upwards, taking the price to $418.30 before slipping back as smaller traders hit the exit button. Similar activity through the afternoon saw the price reach $420.60 before easing back in the same way, though the reality is that the movements meant little as prices simply tread across the same ground seen across this week. The rest of the afternoon saw values maintain the upper part of the range on lower volume as many stood aside and took a risk off approach ahead of the close. Aug/Jul’26 soared ahead through the afternoon as strength for the flat price and spread generated a positive ripple. Highs were seen in the $114 area, with settlement reached right around the highs at $114.10. Aug/Oct’06 meanwhile moved to a premium following the May’26 tenders and ended the day at $1.50. A quiet call had Aug’26 settling at $418.30, a positive value though more a sign that the market is looking to build a bottom than a representation of impending turnaround.