5/18/17 was up +0.27 and the model projects that the component on yesterday's kill will move up between +0.45 and +0.75. The MMMs settled premium to the component by +3.59. That is not a particularly large "Gap" for the season we are in. The thing that concerns me is that the index will often dip following the Memorial Day demand surge. If that happens, the MMMs are likely to follow the index lower. If that happens, there is a good chance it will rebound when the Independent Day surge hits but I don't like the prospects of riding a draw down of the magnitude that might result. I'm testing the long side of this market and might be sorry that I'm doing that.

Best wishes,

dhm