Following the sharp weakening in the last two weeks of February, Brent spreads have improved modestly over the past few days. The calendar spread from May to June fell from US$0.06/bbl contango per barrel on February 21 to US$0.33/bbl contango on February 28. It then improved, from this 2.5 week low to US$0.26/bbl contango last Friday.
Excerpt from:
Weekly Fundamentals – Crude Oil Spreads Improved in Early March
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