Calm quiet day with May futures trading down to new low $1.65 US/mm… until 2pm when mkt spiked up to $1.80 on volume. Then it bounced up and down from there.
Why you ask? Well, that is what everyone has been asking. In the absence of concrete news, there has been lots of speculation. (In fact, too many theories to list here.) No point in guessing when the fact it that we will just have to wait to find out the reason, if we even ever find out.
In other news, the Summer Strip is trading $2.24 US/mm and the winter is trading $3.40 US/mm. [WFG]