The current futures contracts for WTI crude are show below. Each contract is for 1,000 barrels (bbl). Assume the spot price today, on 9/26/2016, is 45.25.

Month	Last price	Change	Open	High	Low
Nov-2016	45.59	+1.11	44.62	46.20	44.43
Dec-2016	46.14	+1.07	45.18	46.76	45.01
Jan-2017	46.74	+1.05	45.83	47.35	45.62
Feb-2017	47.29	+1.01	46.65	47.91	46.22
Oct-2017	50.24	+1.15	49.71	50.55	49.71

You are an arbitrageur and estimate the value of the Nov 2016 contract should be $46. How would you structure an arbitrage to take advantage of this mis-pricing? There are 52 days until the Nov 2016 contract expires.

A. Sell the Nov 2016 contract, buy the Dec 2016

B. Sell the spot, buy the Nov 2016 contract

C. Buy the spot, sell the Nov 2016 contract

D. Buy the spot, store it and sell it in November

I choose C but it is incorrect. Any idea why? Please provide me explanation. Thank you.