[MrMan]

So by the content of this post I will guess that you only worked at a trading firm for a year or two?

Narrower spreads by definition make the coordinates of that forward price known with more certainty. By definition and by construction. It is not hubris for the market to think it knows that price -- that's the price.

I wish people would stop selectively questioning some post-modern economic constructs, like buying and selling derivatives, then conveniently ignore how the company that wrote Go buys and sells.... search terms! And eyeballs! How else are we all going to eat when farms and factories are all automated? Luddite.