Insight Focus
The No.11 raw sugar prices traded lower over the past week. Speculators have reduced their net-short position in sugar. European natural gas prices are still holding firm, as the market remains focused on LNG supply risks and Europe’s relatively low storage levels.
New York No.11 Raw Sugar Futures
The raw sugar futures prices retreated last week, starting at 15.5c/lb on Monday and eventually closing just below 15c/lb on Friday.
On the commercial side, producers have increased their commercial short position by 24.2k lots of shorts. End-users have added to their position by 3.1k lots of longs.
No.11 Commitment of Traders Report (March 31, 2026)
Speculators have closed out both long and short positions at 10.9k lots of longs and 33.4k lots of shorts respectively.
The net-short position has reduced and now stands at -80,672 lots.
No.11 & No.5 Open interest
The No.11 forward futures curve has weakened between May’26 and Mar’28. The No.5 forward futures curve has weakened across the board.
White Premium (Arbitrage)
The K/K white premium traded at USD 109.5/tonne on Monday and closed at USD 105/tonne on Friday.
Dutch TTF
European natural gas prices are still holding firm, as the market remains focused on LNG supply risks and Europe’s relatively low storage levels. TTF is staying around the EUR 50/MWh mark, which suggests traders are keeping a risk premium in prices rather than expecting the market to settle down quickly.
A major concern remains the Strait of Hormuz, a key route for global LNG trade, after reports that two loaded Qatari LNG vessels were halted near the strait, raising fresh worries about how much gas can reach Europe and Asia in the weeks ahead. At the same time, Europe has started the refill season with storage at a weaker level than usual, meaning the market is much more sensitive to each cargo and to any new disruption headlines. In simple terms, traders are nervous because storage is not yet comfortable and supply remains uncertain. As a result, while gas prices are likely to stay volatile from day to day, the overall tone remains supported as long as Hormuz disruptions continue and Europe is still rebuilding inventories.
For a more detailed view of the sugar futures and market data, please refer to the appendix below.
No.11 (Raw Sugar) Appendix
No.5 (White Sugar) Appendix
White Premium Appendix
