We broke the day down into 4 segments, to show 4 different trends. In trend 1, we see a rising basis while the price is moving sideways and then down. The move down is not small—75 cents. We crossed out the brief spike in basis and drew a blue line to bridge the gap, as we think the spike was spurious (it occurred before the trading day opened in London).
Next in trend 2, there is a big drop in basis, from about 8.5% to well under 5.5%. This occurs with a volatile price, which moved up from…
