I was reviewing the KW Z9 - KW N0 and ZW Z9 - ZW N0 spreads. They are currently starting to diverge - the KW spread breaking to new lows while the ZW spread is well above its Sep low. Is this telling us something? The ZW spread suggests higher futures prices, while the KW spread suggests lower futures prices. Given other evidence, I am thinking the KW spread is odd man out and lagging for some reason - probably due to the fact the most of teh volume is in ZW. Anyone have any other thoughts?