right, this is the tight supply season of the year. For several days I have been thinking that "Traders" have ballooned the price of the MMMs and NNNs to unsustainable levels. On average over the past 11-years from this date until cash settlement the index has gained 1.80. The most it has gained was 8.74 in 2012 when packers got caught short-bought. In five of the 11-years the index actually declined. It takes and average gain of 0.60 by the component to close that "Gap". It looks like we may get that much today but will it last for eight days after that?

Maybe yes and maybe no. I'm still short some MMMs just in case.

Best wishes,

dhm