Daily Market Price Updates and Commentary 2nd April 2026

Overnight movements in the energy sector had pre-open indications pointing higher, and the market obligingly followed the call and traded up to 15.50. The gains were tempered soon afterwards before we settled down to hold either side of 15.40, and through a generally slow morning the price continued in this area with smaller trades remaining reluctant to commit to any directional play. This may well be due to the approaching long weekend, and while a little buying did arrive during the late morning it merely managed to take us back to 15.50 before easing ahead of the US Day. Crude was continuing to show solid gains but, in a contrarian move not all markets were following, with sugar being one such example. By the middle of the afternoon the price had fallen back to overnight levels, and with more longs being liquidated ahead of the weekend we saw the board turn increasingly red. With an hour remaining May’26 had fallen beneath yesterday’s lows and printed towards 15.00 before plunging to 14.91 when even more aggressive selling arrived. There was some position covering into the call and May’26 reached settlement at 15.00, placing it in the centre of the last few weeks 14c-16c band for when trading resumes for Mondays shortened session (opening at 7:30am NY / 12:30pm London).

Nearby positions were marginally higher this morning, and as we turn attention towards Aug’26 now that May’26 is moving towards expiry there was the opportunity to see prices move back above $450.00. Admittedly they were seen only briefly as Aug’26 capped off a steady morning performance with high at $451.00, where despite the energy sector again showing strong gains, specs decided to cut and run to send values back into the range.  A period spent sideways in the $447.50 area suggested a calm afternoon ahead, however in contrast to recent sessions we broke away from macro influence and proceeded to fall back through the $440’s. Buyers were hard to find as longs headed for the exit ahead of the weekend, preferring a risk off approach to the continuing situation in Iran with a four day break until trading resumes. It seemed that Aug’26 would hold above $440 however more aggressive selling during the closing stages extended the range down to $438.10, providing a negative note on which to enter the weekend. This removed any recovery for the white premiums and left May/May’26 at $105.00 and Aug/Jul’26 at $104.00, while May/Aug26 weakened marginally to -$3.70 despite Aug’26 now receiving more of the outright pressure. Closing values were close to session lows with Aug’26 at $439.40, though next moves may be decided by No.11 action on Monday while we remain closed.