With US markets closed for Presidents Day and few resting orders there was little change to the opening call, though in the event May’23 was firmer with prices proceeding to push higher through the early part of the day on modest volumes. Within the first hour May’23 had printed all the way to $574.30 as algo buying chased alongside hedge lifting, though with the price already more than $6 higher and a little more selling emerging ahead of the contract high at $575.40 things did calm and allow prices to retreat by a couple of dollars. With the upward momentum lost things calmed down for a few hours which allowed the market to drift along on the lower $570’s, and it seemed this dull trading could easily have lasted for the rest of the session were it not for some long liquidation that set prices back to overnight levels. Spreads were only lightly traded with May/Aug’23 slipping back to $17.50 during the afternoon having earlier strengthened to $20.90 on the flat price movement, though this was based on very limited activity. All remained calm ahead of the close which saw May’23 settling a touch firmer at $569.90 before some post-close selling registered a new session low $567.70 at the death.
