USAC 1% sulfur residual fuel swaps were higher Thursday on the back of a crude rally, but sat at the steepest contango in two years. Prompt end-user demand has been weak in May, due to mild temperatures in the Northeastern. June 1% paper was pegged at US23.80/bbl. The June/July spread widened as far as US-0.71/bbl, the widest first-second month swap spread since June 2001, having slid from flat on May 14.
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