Hitting the mid-to-upper $370s once more Thursday, futures failed to hold its upward momentum. Similar to earlier sessions, selling late Thursday through Friday pushed July back down into the $360s, about where it left off going into last week’s holiday weekend. Trading Thursday hit the high-water mark of $378.50, rebounding from Tuesday’s selloff to open the week. The contract traded as high as $375.00 early Tuesday, but that session also produced the week’s low at $353.80. Traders eyed the 200-day moving average of $382.60, but were wary of the volatile swings seen through the week. Meanwhile, the cash market edged higher to $373 on steady demand and tightened supplies.
