Below is a line graph showing an update of the JUL17WMAZ/MAR17WMAZ spread, with July less March. The spread quickly closed R246 over the first two days of October as March prices dropped R128 and July prices rallied R118 causing the spread to close to -477 from -723. Since then the spread has given back nearly all, opening R298, and currently trades at -775. The opening was mainly due to a sharp drop in July prices as March increased by only R28 whilst July slashed R270 over a period of just more than 2 weeks