The May contract lost another 103 points to begin the week, settling at 56.50; however, May touched limit down on multiple occasions during the morning session. The settlement was within the upper one half of the trading range. The July contract lost 107 points, settling at 56.26, the net effect leaving the May – July spread strengthened considerably at 24. Volume quickened for May delivery at nearly 37K contracts while May OI contracted at just above 121K contracts.
For tomorrow…