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<<Futures are not just the cash price
plus the storage and interest costs. Futures prices are based on nearby
demand and future demand, but mostly nearby demand. If the demand is
strong, the nearby contract will be at a premium. If the demand is weak,
the nearby will be at a discount. The discount will almost never by more
than storage plus interest. On the other side, cash or the nearby month
can go to an enormous premium to the deferred contract.>>
I couldn't couldn't more strongly
disagree. Read some of Bruce Gould's writings.
Jay
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