There's been plenty of focus on today's $27B OPEX as if it's a catalyst for spot, but pre-expiry flows have been orderly all week, with rolls already shifting into 2026.
As with all these events, it's better viewed as a positioning reset & i'd rather focus on next year's positioning/shape of the surface to guide expectations.
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There's been plenty of focus on today's $27B OPEX as if it's a catalyst for spot, but pre-expiry flows have been orderly all week, with rolls already shifting into 2026.
As with all these events, it's better viewed as a positioning reset & i'd rather focus on next year's positioning/shape of the surface to guide expectations.