Before we get to the chart, the March contract has gone without much in the way of any fireworks. The remaining 41 contracts in that month are all accounted for in tomorrow's deliveries so that is it for any short squeeze in that month. To be honest, the market has performed admirably without any such event anyway.
We can now turn out attention to the May contract as the open interest in the thinly traded April is too small to be of any significance. May is trading at a 2 cent discount to the July so there is no backwardation in the front months' structure at this time.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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