Watching RB/HO in multiple months. The May contract has a different pattern compared to the nearer months. Looking a bit wedgish. A seasonal move to the upside starts in mid-Nov and stays strong until late March. Also on the low end of the historic range.
let's recover the topic. NG X-F
We are near good resistance, bearish seasonality is starting, although i dont know fundamental reasons. I will consider short near -0.240
going to sell CLZ15-2*CLF16+CLG16. Seasonally it falls in the beg of october (because of refinery outages) few (2-5) weeks after crack spread has made a high and has started to decline.
This year outages are in seasonal time
But high in crack spread happened a month ago. And crack spread chart and outages are similar to those in 2013.