lets just say i try to take advantage at VOL and low price, i put on a long calendar spread option on /CL? will it work out? short august ATM 70 strike long october ATM 70 strike if crude oil keep rising, will the front month eat out my revenue because of front month tend to moves faster and transitioning from contango to backwardation?
First of all you are asking for the future, you won't find that here. Typically with short front month you will have overall negative delta so yes if crude oil rises faster than the decay then you will likely lose.