7/1/15 was UP +$0.11 and the model projects that the change in the component on the 7/1/15 kill will be between +0.05 and down -0.25. It continues to appear that the down trend is coming to an end. Furthermore, there seems to be a hint in the data that the high kill rate we had leading up to the H&P report may have been producers liquidating heavies. The kill this week is coming in at a more modest pace.

Ka! Ching!! Was able to safely deliver another Q/V spread across the pond and get it off my boat. Ole Nellie is still riding plenty low in the water but she can handle a few more Q/V spreads if traders trash them again now.

Best wishes,

dhm