1) As they cover outright their short position decreases.
2) Traders have anticipated the roll and many are long the JulSep. They will hinder significant gains.
Speculators have a combined spread position of 93k. Of course, we donít know what spreads they have or whether they are long or short spreads but as we watched increases in this number spreads have gone higher, indicating that at least in part they have been buying, including JulSep.
We saw the same situation in the MayJul.