Arbitrage is arbitrage - theory says that markets will take advtange of price differentials until they are gone. This just shows that in infrastructure-constrained markets this is not instantaneous (and one of the reason why some markets have such booms and busts - it's hard to manage multi-decade investments through spot prices...
Arbitrage is arbitrage - theory says that markets will take advtange of price differentials until they are gone. This just shows that in infrastructure-constrained markets this is not instantaneous (and one of the reason why some markets have such booms and busts - it's hard to manage multi-decade investments through spot prices...