Crude timespreads weaken as oil surpluses drive contango

摘要

New York—NYMEX crude’s front-month/12th month-spread widened 49 cents to minus $7.02/b Friday, a level not seen since late August, as growing inventories continue to weaken the oil complex. At the front end of the NYMEX crude curve, the spread has been wider than minus $1/b since November 5, a level not previously seen since May, as sellers are forced to accept deep discounts in exchange for prompt delivery.