Heading into non-farm payrolls I was a little surprised by how low VIX is trading, and even more so, how little of a spread there is between VIX and the August VIX future. VIX is trading around 13.50 the Aug future with 22 days to expire is trading around 14.65. Into a non-farm, in a low VIX period, that spread is VERY tight. How tight?
Looking at the other VIX periods, the most comparable VIX period I could find was the beginning of April. In April the VIX was also around 13.5. Take a look at how the tow futures curves compare to each other.