The ICE Mar contract erased yesterday’s loss (and then some) gaining 80 points on the second day of the Rogers roll, settling at 74.94. The Mar contract gained 429 points in Jan, up nearly 6.1% from the final trading day of 2016. The May contract gained 78 points, settling at 75.60 – the net effect leaving the Mar – May spread near unchanged at (66). Volume for Mar delivery slowed at approximately 15.5K lots; OI in Mar contracted at just below 154K lots.
For tomorrow…
The ICE Mar contract lost 71 points on the first day of the Rogers roll, settling at 74.14. The May contract lost 47 points, settling at 74.82 – the net effect leaving the Mar – May spread weakened at (68). Volume for Mar delivery quickened at nearly 17.3K lots; OI in Mar expanded at approximately 155.5K lots.
For tomorrow…
The Mar contract gained 181 points last week on strong US export business and ahead of the index fund rolling periods, settling at 74.85. OI contracted significantly in Mar over the past week while the nearby spread showed signs of weakening, both of which suggest that specs were rolling their longs forward.
For this week…
