Before revision:  In this paper, we propose an alternative approach to justify the convergence of forward towards spot prices as time-to-maturity goes to zero . We show that the classical no-arbitrage relationship between spot and forward prices holds through the well-posedness of an expected profit maximization problem for an agent producing and storing a commodity while trading in forward contracts.
After revision:  In this paper, we propose an alternative approach to justify the convergence of forward towards spot prices as time-to-maturity goes to zero is usually justified by no-arbitrage relationship between spot and forward prices holds through the well-posedness of an expected profit maximization problem for an agent producing and storing a commodity while trading in forward contracts.