Well that was different. October rallied to trade the high of its tenure as prompt on the same day it went to settlement, the first expiration month this year to do so (actually, the first month since July ’23). As discussed previously, eight expiring monthly contracts have traded their low during the days of the expiration process. While October faded $.105 from its expiration day high, $2.585 was the highest settlement value since July settled at $2.628 (after falling from the June Q2 high at $3.159), was $.151 higher than last week’s close and $.655 higher than September.
The new prompt November contract was awarded $.168 premium over October settlement (vs $.285 at last week’s close) began by narrowing the “expiration” gap to $.030 ($2.690 – $2.720), but quickly followed through to the upside. On Friday, November extended the rally to trade as high as $2.928 and was bid to a slightly higher high in aftermarket trading ($2.932) much like October was last week. Although Friday’s volume was less than either Wednesday or Thursday, the new prompt traded a technically positive “outside” day reversal higher and closed at the highest price since June 18th (July 8th for the November contract).
