Futures price contango compresses

03/01/2010
There has been a gradual compression this year of the futures price contango for key benchmark crudes, with the narrowing most evident at the front of the North Sea Brent curve.As to when the market will tighten enough to remove the front-month contango completely, Paul Horsnell, managing director and head of commodities research at Barclays Capital in London, said Feb. 18, "An aggressive timing would be as early as next month, although that would require a run of particularly strong data. The slowest likely timing would be June, but we see the current dynamics as favoring a slight flirtation with backwardation by the end of April."He said, "The flattening of the very front...
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