Valores

hoping to bump this in case anyone has since looked at the 2009 exam.  just trying to fully understand why increase in convenience yield increases roll return, if we consider that roll return is the change in Futures price - change in spot price.
my guess is that since convenience yield decreases the numerator in the futures formula, F decreases.  this causes a more negatively steep term structure.  since F converges to S over time, each period the delta F is larger as it has to “clumb higher” to reach the spot price, thus increasing the roll return.
does this make sense?