The July contract surged today, gaining 156 points and settling at 63.01. The settlement was near the top of the trading range. The Dec contract gained 111 points, settling at 62.45, the net effect leaving the July – Dec spread strengthened considerably at 56. Volume quickened for July delivery at nearly 26K contracts while July OI contracted at approximately 97K contracts.
For tomorrow…
The July contract gave up 22 points today, settling at 61.45. The settlement was within the lower one half of the trading range. The Dec contract gained a single point, settling at 61.34, the net effect leaving the July – Dec spread weakened at 11. Volume slowed for July delivery at less than 10.5K contracts while July OI contracted at approximately 97.25K contracts.
For tomorrow…
While last week’s trading action was far from exciting, there was some volatility with the ICE front month trading a range in excess of 200 points en route to a 105 point weekly gain. Dec posted a 79 point gain on the week.
For this week…
