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I've been trading it for a while, selling calls. ROI not always that great (average around 3%), but it is uncorrelated to other instruments, which is very nice. It can sometimes jump a bunch during announcements. Typically hard to get filled at yesterday's settlement price today - you usually have to give up some.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
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Excuse the tangent, talking price rather than vol/options etc
Your right July expires tomorrow, and there is obviously rolling going on, but I suspect it's not just an expiry "thing" but also a fundamental "thing".
Consider the following charts.
June 11th was the close prior to the advance of the ISIS in Iraq.
On June 12th we see a strong $2 move in the front and a $1+ reaction across the crude curve.
But since June 12th the cumulative change in the front of curve has been nothing while 2015 has risen another $1-$1.50. (This is even better illustrated by the spread butterflies.)
These charts all use today's settlement. If you could have taken a snap shot today about 30 mins before expiry this would have been even more pronounced as N-Z rallied about 40c in the last 30 mins.
