Research SummaryMay 2, 2026
Howard Zhu Research
CL Spread
A trading note on shorting the CLU6-CLZ6 calendar spread, using backwardation, EFP signals, physical-market demand, refinery economics, and tail-risk monitoring to frame the thesis.
A trading note on shorting the CLU6-CLZ6 calendar spread, using backwardation, EFP signals, physical-market demand, refinery economics, and tail-risk monitoring to frame the thesis.