The HK may be more interesting. The OI in H was at 134,831 lots and after Friday it may be higher. Of course, there are around 3 months before H expiration and FND and actual shortages may manifest themselves before. But, -2.20 in the ZH it is equal to a value of -.7333 per month. HK closed at -.50 or -.25 per month. For the sake of clarity, -.25 per month = -.75 expressed as a 3 month spread, a disparity of 1.45c between ZH and HK. Now that ZH is no longer the lead spread, HK will take its place. With the high OI in H will the value of HK come more into line with ZH.
The remaining spreads are generally steady. The mid forwards remain at slight discounts while the far forwards are trading, in low volume, at a premium. Friday there was what appeared to be origin selling in the far forwards making spreads tighter across the board.