Hello, Is there a fundamental reason for March being at a discount? It looks like a low risk trade on the long term( short dec/long Mar ).
1) Storage is being "discouraged" in an inverted market. 2) Be careful with slippage and illiquidity in the deferred months.
Yes, but the curve seems "normal" until Mar 12. I have seen inverted markets in metals but not this way.
On your snapshot, it seems Dec is 0.05 $ over Mar, like on my curve. I didn't notice that further expiries were also cheaper. Is it an anticipation of cheaper prices for 2012?