Daily Market Price Updates and Commentary 5th August 2026

Though the market fell back towards 15.00 yesterday afternoon the appetite to drive prices higher was undiminished and specs were immediately attacking from the long side. This moved Oct’26 immediately into the teens, and then ahead further to 15.28 with less than 90 minutes of trading having elapsed. This was still a few point short of the level achieved yesterday and unfortunately for the buyers we saw momentum lost with prices holding the 15.20’s across the rest of the morning. Midday saw a fall back to 15.06 as longs were closed, however the market did not sit lower for very long and some fresh interest from the US pushed prices back up through the range once more. The persistence from buyers was to be admired but they were unable to achieve any additional gain with grower pricing acting as a wall in the upper 15.20’s. Spreads were flat, while for the outrights we continued to swing within the range before mounting a late push into the final hour. This topped at 15.25 before once more slipping back, and the day ended with Oct’26 valued at 15.15, another positive valuation though the inside chart day may dent a little of this weeks confidence.  

There was renewed enthusiasm from buyers this morning as they put yesterdays retracement from the highs out of their minds and immediately looked to push values back towards the July highs. Encountering little resistance until the high $470’s the rally moved at pace, and specs were soon probing the $480 area to record new highs for this current effort, however there was sufficient selling in place ahead of $481.40 that the move topped at $480.50. Such failure inevitably led to some position liquidation as it became clear that the movement had stalled and we moved into the afternoon with the market heading back towards the opening lows. The dip proved to be brief, and prices then moved back up into the range, but despite supportive interest continuing through the afternoon the market remained short of morning highs. The positive mood did enable white premiums to show gains and Oct/Oct’26 reached intra-day highs in the $143.50 region, however volumes here as with the outright were not particularly heavy. Oct’26 remained to the centre of the range through to the close, settling at $476.90.