Daily Market Price Updates and Commentary 18th May 2026

Opening trades as high as 14.95 were brief and the market soon set back from this level to maintain more modest gains in the mid/upper 14.80’s through the early morning. While there was a generally positive look to the macro board this was not translating to our market and so as the morning progressed what remained of the early gain was erased with Jul’26 slipping back to a small deficit in the 14.70’s. The COT brought no fresh impetus with it showing only a minor change to stand at -92,990 lots short, and with volume so low the movements continued to be defined by smaller traders. This meant a continuation of the price slide into the afternoon which drew lows at 14.57 before the market was able to level out and consolidate. With little interest being shown from the larger funds the picture remained incredibly quiet through the afternoon, and following a short covering move to 14.76 the market levelled out to spend the last couple of hours holdings near to 14.70. There was no fresh input for the closing stages which left the day to end as slowly as it had passed, a welcome close arriving with Jul’26 showing a modest loss at 14.73.     

Last week’s rally back to the $450’s is a distant memory and despite seeing firmer opening values today the market quickly topped at $441.70 and pulled back down toward overnight levels. Morning activity was confined to light hedging and small trader interest, leaving proves to edge along within a narrow band, though in keeping with the end of last week it maintained a downward bias. Into the afternoon Aug’26 was sitting in the mid $430’s, and additional losses were to follow as a light, but aggressive burst of selling extended the range down to $432.60. Additional losses were averted a short covering provided some slight stability, though prices did not recover by very far and the market continued to trade at lower levels. Smaller traders ensured that volume remained steady, though most was confined to the spot with both spreads and white premiums remaining slow. A small push into the close ensured that losses were reduced as Aug’26 closed at $436.50, with Aug/Oct’26 heading out at -$0.40 and Aug/Jul’26 valued at $111.80.