Daily Market Price Updates and Commentary 7th April 2026

Having continued to play either side of 15.00 on yesterdays shortened session we started the day by returning to 15.07, seeming to suggest that the trend may continue as we await meaningful geopolitical developments. Such ideas were quickly forgotten however and through the next hour the price slipped to look at yesterdays 14.84 low before further slipping to 14.96 once it had been removed. Selling looked to be a mixture of spec and grower interest though volumes were not particularly large, and the situation calmed through the later morning as their activity eased leaving prices to edge along quietly in front of the lows. The delayed COT report showed an expected additional reduction of the spec/small trader short to -80,672 lot (closer to -50,000 lots, futures only) and as prices continued mostly sideways into the afternoon there was no indication that the larger funds currently wish to replace positions that have recently be covered. This could in part be due to the detachment from crude values over recent days leaving a potential to bounce again, through for now traders seem to have decided to follow the fundamentals with a belief that they will guide us as and when a resolution to the situation in Iran/Hormuz is made. In quieter conditions the bias remained lower and through the later afternoon new lows were recorded which impacted the technical picture. The result was a May’26 close just a single point above its lows at 14.58, while despite seeing only limited change at -0.21 points May/Jul’26 attracted a solid volume as interest grows ahead of the index roll commencing tomorrow.

Aug’26 started the day marginally lower at $439.20 but with no support being seen soon grew the losses with a move into the mid $430’s. Still, this did not attract much interest with most consumers already well priced across nearby positions, and so the losses racked up with lows seen at $431.80 before some consolidation was seen. Activity calmed through the remainder of the morning and prices edged along in the lower $430’s, though ahead of the Americas day some more light pressure was applied to tweak the earlier lows. While the market did not melt down the desire from smaller traders clearly remained to play the short side, though without breaking significant fresh ground there were intermittent spikes back into the range as cover was sought. May/Aug’26 held a narrow band despite seeing a volume approaching 6,000 lots and ended the day at -$2.80, and with little more than a week until the May’26 expiry these numbers should start to decline with many traders starting to fine tune their expiry needs. White premiums too saw limited movements, the slightly higher position for Aug/Jul’26 at $105.50 of little significance to any who are not currently looking to hedge it. Heading into the call some additional pressure was applied that sent the market out on its lows, settling at $431.50, and traders will now be looking to the former highs in the upper $420’s to see whether any support can be generated to stem the current retreat.