be all over the place, Tim. The average price at expiration over the past seven years has been -2.66 with a high of +4.05 in 2015 and a low of -5.69 in 2014. During that seven year period the average spread has be -2.51 with a high of 7.25 and a low of -8.475. There may be a mild tendency to drift lower in the spring and summer and then rally as we move toward expiration but mostly it is driven by supple demand factors and they vary from year to year. I'm short the spread.

Best wishes,

dhm