Actually is less, I was being generous... :)
WTI was at 62.50ish today, UWTI was at about 4.27. To 69 is 6.5 bucks. UWTI has been getting max .19 per buck of WTI, even in the quick moves. So
.19 X 6.5 = 1.24
4.27 + 1.24 = 5.51
I understand there is a velocity factor but the .19 UWTI gain per WTI buck (usually it is a little less) is what is happening with the rapid rise we've had lately, as well as past moves.
Not really wanting to argue, as we will see the proof when WTI moves to 69 over the next couple months. If we are around 7, I will surely admit I was wrong, and BTW will be happy to do so as a UWTI holder!
