Weekly Fundamentals - Backwardation of Crude Contracts Rose to Pre-Crisis Levels
SteestplusyWTI crude oil contract rose +1.98% while Brent crude contract slipped -0.68% during the week. Meanwhile, the front-month WTI-Brent spread narrowed further this week as driven by decline in inventory and improvement in demand in the US. Stock at Cushing, Oklahoma dropped -0.88M bpd to 46.1M bpd in the week ended July 12.
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Weekly Fundamentals - Backwardation of Crude Contracts Rose to Pre-Crisis Levels
