Crude contango narrows as stocks at dishing decline

摘要

New York-August crude futures on the New York Mercantile Exchange settled 60 cents higher at 69.57/barrel June 28,paring gains late in the session as the front of the curve wildly gyrated between contango and backwardation.August/September crude settled at minus 29 cents/b after settling the previous session at minus 31 cents/b,but not before briefly trading at plus 7 cents/b on 11 lots of volume.A floor source said locals,or independent floor traders,and some trade houses got caught the wrong way on the August/September spread,contributing to the violent swing in prices early in the day.