Oil market contango structure questioned by traders as prices hold

摘要

London-Oil markets have entered into contango after the coronavirus outbreak in China triggered concerns over demand, but traders are already questioning how long the bearish market structure will last. The front two months of ICE Brent crude futures flipped into contango on February 3 after the expiry of the March contract. The last time the two contracts were in contango was early March 2019. At 1830 GMT Thursday, the contango between April/May was 33 cents/b, with April at $54.67/b and May at $55.00/b.