The ICE Mar contract again picked up 31 points on Thu, post the release of strong export data, settling at 74.19, although well off its intraday high of 75.00. The May contract lost 18 points, settling at 74.70 – the net effect leaving the Mar – May spread weakened at (64). Volume for Mar delivery quickened at around 16K lots; OI continued to contract in Mar at approximately 154K lots. Spec liquidation appears to continue near the top of the current trading range.
For today…
The ICE Mar contract gave back most of its Mon gains yesterday, losing 106 points to settle at 73.57. The May contract lost 80 points, settling at 74.37 – the net effect leaving the Mar – May spread weakened at (80). Volume for Mar delivery quickened at around 30K lots; we expect OI to show a contraction for yesterday. Spec liquidation appears to be occurring near the top of the current trading range.
For today…
The ICE Mar contract surged to begin the week, gaining 159 points to settle at 74.63. The May contract gained 150 points, settling at 74.17 – the net effect leaving the Mar – May spread strengthened at (54). Volume for Mar delivery quickened at just above 25K lots while Mar OI contracted at just above 161K contracts.
For tomorrow…
The Mar contract picked up 77 points on the week, settling at 73.04. Spreads weakened over the course of the week, but the July – Dec spread remains heavily inverted at greater than 200 points of negative carry. The Dec 2017 contract finished the week at 71.19.
For this week…
