Looking at the chart, lower highs and lower lows. With that said, hurricane season is around the corner, and the 330k bpd plant in Phili just went up in flames. They lost their Alky unit which produces a boat load of gasoline. I would gamble on this spread in the near term, but have a small position. The reason being the economy is slowing and less gasoline might just be what the market demands.
Trade closed: target reached
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Gas hit zero... you can't get much lower than that. It was actually a great precursor for negative oil. Given gas hit zero several days before the futures rolled over.