Front of crude curve returns to contango as Cushing climbs

摘要

New York—January crude futures on the New York Mercantile Exchange settled 2.14/barrel lower at 92.25/b December 13, giving back half of the previous day's gains as the front of the curve moved into contango for the first time in almost four months. The January/February spread settled at minus 21 cents/b, the first time the front spread has settled in contango since August 21. Five consecutive weeks of stock builds at Cushing, Oklahoma— home of the NYMEX contract's delivery point—and falling interest rates were behind the sagging front spread. In the last five weeks, stocks at Cushing have increased 3.905 million barrels to 17.315 million barrels, but are still 9.3 million barrels below year-ago levels.