Friday’s close for October was the lowest of its tenure as prompt (nearly identical to its close of 08/27, the day September went to settlement ($2.888 v $2.886). During that same period the Q4 strip has gained a penny (now $3.304 v $3.293) This type of trade suggests that while the sponsorship is not present to kick off a traditional Q4 rally, there is sufficient sponsorship for the construction of a base.
During calendar ’25 only the March contract traded a high during the last five trading days of its tenure (January ’25 did as well). March fell from $4.476 to settle at$3.906 (January from $4.010 to $3.644). A couple of months, notably May and September, rallied during their last trading day, but every contract month this year has traded lower (seven of the eight to a new contract low or to test the previous contract low, during the closing days of their tenures as prompt).
