9/29/16 was down -$0.23 and the model projects that the component on yesterday's kill will drop between -0.30 and -0.60. And the down trend continues. The VVVs are now trading discount to the component by -6.05 and after today there are only ten days until we get to cash settlement.

I'm now flat the VVVs but have plenty of spreads - - - probably more than I should have going into the report today.

Best wishes,

dhm