Posted 9/11/2014 08:59 (#4068263 - in reply to #4068197) Subject: RE: Ray Jenkins, with reference to your post below.
Ontario's middle east
When he executes the spread it is irrelevant what the levels are then. He is merely fixing the relationship between the 2 futures months. Ie: he just converted 4.50 to $5 in a different delivery slot. Selling the carry z-z today, cz5 is 3.88 so yes ~ -$1.12 difference