I read that there is a pattern (Schap's spread book)in the crude curve that the front month calender spread as it approaches expiration will sell off or come in. So, essentially if you short the front and buy the deferred, roughly 20 days out, the spread going into the front month expiration will collapse or as schap says widen. This is supposedly due to crude spreads being in a mostly inverted state due to a constant demand/constant supply mktplace. As opposed to a seasonal demand that exists in the distillate products. I have my own ideas about this, but in an effort to better grasp the under currents that swirl around in the physicals & the associated futures deliveries, I throw this one out there .... 1) Has anyone ever heard of such a dynamic ? 2) Would such a dynamic still occur in such a strong bull crude market as we are experiencing now ? After all it is essentially a bear spread and that could prove painful in the current mkt conditions. Bueller Beuller.....Anyone...Anyone ????