Daily Market Price Updates and Commentary 5th June 2026

Mildly lower opening values continued through a slow first hour, however the monotony ended in a familiar way with traders looking to bid the market higher. It was very much a case of rinse and repeat as Jul’26 moved into the 14.40’s before meeting any resistance, and then reminiscent of recent efforts it proved unable to work beyond 14.50 with grower pricing providing resistance and leading to some consolidation. The similarities did not end there as the early afternoon saw long positions being closed out and a return to the 14.20’s, no wonder that so many have lost interest in partaking in the flat price day-to day. Instead, it was the index roll bringing the large volumes as anticipated, though with trade interest matching off against their activity there was no significant movement in the spread value, and it continued in the -0.40’s. Through the later afternoon there was some additional weakness for the Jul’26 contract and lows were recorded at 14.09 on the call, but while this meant a lower settlement of 14.11 it still doesn’t change the wider picture with many of the view that support will follow should the middle east situation not find a resolution to its present stalemate soon.  

Initial losses had been gathered up within the first hour of trading, and the market then set about replicating pervious performances from this week with another push through $450.00. Progress is relatively easy in this area as the nature of the range means that there are few resting orders in place, and it was only above $452.00 that some tangible selling appeared to slow the movement. Highs were recorded at $454.40 as the market once again failed to trouble the May highs ay $457.70, and before the morning was through day traders had thrown in the towel and sent Aug’26 back down towards opening levels. A little more selling followed in conjunction with the start of the US morning to drop the price to $445.50, however there was no significant pressure applied and through the afternoon it was apparent that most traders had withdrawn ahead of the weekend. Sideways trading prevailed right the way through to the close, and the day finally concluded with Aug’26 valued at $446.90. White premiums had a quieter session and Aug/Jul’26 heads out at $135.20, while spreads were marginally softer with Aug/Oct’26 at $5.70.