Went long a RB H/J/K butterfly @ -0.1821. - H/J jump to summer spec is large historically, but J/K seems normal. - Seasonals
The seasonals show that the same butterfly spread can be sold now with a view to closing around the mid-Feb.
In pure seasonals yes, but the shape of the curve on the front months as well as the historical level doesn't look appealing.
Now, the RB/HO spread is reverting but it can be temporary. I think that IMO 2020 makes any RB/HO historical analysis worthless from now on. We are kind of entering a new era.
https://www.spglobal.com/platts/en/...ns-waivers-to-china-india-korea-turkey-survey I still don't understand one thing : Why would India, China, Russia ...comply with the US sanctions on Iran or even Venezuela? Who gave Trump the authority to say " you can't import oil from Iran or Venezuela" ? It's not NATO or the UN, it's just the US( which unilaterally withdrew from a pact with Iran )...Who decided that oil from Venezuela must be paid in USD? Whatever...I know most of you are US people, but please answer objectively.
The US punishes countries that refuse to comply via sanctions. It did that with India i think...India imported Iranian oil maybe last year and the US slapped them with some sanctions.