Daily Market Price Updates and Commentary 7th May 2026

It was an uninspiring start to the day as the market failed to shake off yesterday’s weakness, with limited early buying merely holding prices within proximity of unchanged and never taking the market higher than 14.82. As this interest faded so prices began to track back a little further, though losses were only growing very slowly and the price remained away from yesterdays 14.45 low. The US morning got underway with Jul’26 still sitting in the upper 14.50’s, but the pace of activity quickly changed and with it came the spec pressure needed to test and break 14.45 with selling across a couple of waves extending this current reversal to 14.38. Thie weakness was coming despite a mixed macro that saw crude values continuing near to $100 per barrel and weakening equities, but it seemed that the current sharp movement had scarred the specs and for now at least they are reinstating shorts. There was some short covering by smaller traders which helped the spot back up to 14.58 during the later stages, with the price remaining in the 14.50’s on the call. Settlement arrived at 14.54, with Jul/Oct’26 showing little change at -0.48 points. 

Early trading saw some buying interest against overnight physicals activity, and this took Aug’26 ahead to $441.40 before turning back to overnight levels once the buying had concluded. The market remained quiet through to mid-morning, however the impact of yesterdays drop was still being felt and as spec interest returned it was again from the shot side to send prices lower once again. There was more scale buying being encountered than had been the case yesterday, but that merely controlled the pace of the decline and ensured that Aug-26 remained above $430.00 into the afternoon. This level did break however as pressure increased in conjunction with the No.11 and the heavier spec volume, with lows eventually seen at $426.80. There were a fair few shorts covered over the next hour and the price rose to $434.00 as a result, however this could not be maintained into the close and Aug’26 came to a settlement of $431.90. White premiums saw interesting movements through the day with volume proving quite thin at times, trading both sides of last nights level before ending the day a touch higher at $111.30.