Daily Market Price Updates and Commentary 8th May 2026

In contrast to recent days there was a very calm environment seen for the market this morning with trading soon settling down into a narrow trading band. Across the whole morning Jul’26 existed within a 14.51 / 14.65 range with all sectors proving quiet and showing no inclination to take on fresh risk, and even when the start of the Americas day drew in some light selling the impact was limited with Jul’26 only extending a small way down to 14.46. It appeared that the market would remain in this area to end the week however a short covering move met with so little selling that prices quickly accelerated through to new daily highs, and in turn this drew some light spec buying through the later stages. Highs were recorded at 14.75 before the picture levelled out through the final hour, and with the macro influence having again subsided Ju’26 moved quietly towards a close at 14.69 that completes an inside day and allows opportunity to reassess the situation before approaching next week.

There was mixed activity during the first part of the session that saw Aug’26 trading either side of last nights $431.90 value, and as the morning developed this pattern became somewhat entrenched. For many it was a welcome relief to the recent uncertainty which has made trading both difficult and opportunistic, and represented some end of week fatigue as traders stood aside from taking additional risk. This may explain why we were well into the afternoon before any fresh ground was broken as some fresh spec selling pressured Aug’26 down to $427.30, though the push lacked substance and the move faded before the price reached yesterdays lows. Short covering quickly followed and in the thin conditions allowed for the price to climb back to the morning highs by the final hours, though again this reflected the market situation rather than a sign of real activity. Alongside this we were seeing more losses for white premiums as their recent trend continued with Aug/Jul’26 slipping back towards $108.00 during the afternoon. The price recovery into mild positive ground petered out on the call, with Aug’26 posting a token $0.10 gain as it settled at $432.00, while Aug/Oct’26 slipped back to a -$0.30 discount and Aug/Jul’26 settled at $108.10.