After the inventory report, we confirmed the hold below prior contract structure at the 50.60/70 level. The report couldn’t trade above the 50.75 resistance as well. The call was short off the buy line fade which finally moved two ticks away from the lower target which would have been a +77 tick trade. With the drop, I placed the stop to secure the +50 ticks which was taken out on the later pullback.
We closed the Soybean Oil spread trade and the NGV8 long which was part of the NGV8-HOK8. Soybean oil is close to maturity and no real profit was evident and since the HOK8 is a high performer it is not necessary to keep the NGV8 open on the spread.
EOD Current Positions: