Calendar spread in NG — is this a tradeable event or an artifact of plotting the forward curve? : Commodities


I am a general noob in terms of trading calendar spreads for various commodities, but have had pretty nice success trading the Small Exchange instruments /SMO (visualized by CL1!-CL2! Charts and Quotes — TradingView)

I was looking at the NG forward curve and am seeing another interesting backwardation extreme. My question is, is this an artifact of plotting the values of the forward curve, or is this a real/actual tradable event? In particular, I am looking at the MASSIVE dropoff between NGF2023 and NGJ/NGK2023



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