All things being equal, prices tend to gravitate toward large option expiries as both the holder of the option and the writer of the option have to actively hedge their exposures. A large 1.3975 exiry in about an hour could geep prices from moving too far out of line i the near-term.
That said, the commodities market suddenly seems less robust this morning. The WSJ story on the Fed spreading out its bond buys and Japan’s endorsement of Treasuries look to be quelling inflation fears.
