I have been dissatisfied with the performance of the backwardation trade I put on for short 3-month oil and long 3-year oil. The SPR release talk is a good opportunity to do something about that trade. I am going to cover the short and just stay long 3 year oil as a strategic asset for the alpha portfolio for a potential Fed doesn’t do enough scenario. perhaps if short term oil spikes again I will sell and hedge up again but in the low 70’s 3-year oil is something worth owning to trade around