The average spread 6-months to expiry over the past 6-years has been -2.98

The maximum has been 5.05 and the minimum has been -9.605.

On this date the average was -1.965 with a maximum of -0.70 and a minimum of -3.77. Currently at -4.80 down -0.475 on the day setting a six-year low for this date.

Historically there is a tendency for the spread to weaken until about the first of November.

Technically it is trending lower. If the front month (October) continues to show weakness, that could set the stage for this spread to continue to trend lower.

Working to sell at -4.275.

Best wishes,

dhm