Monday, May 11, 2009

Oil Contango Narrows: Bullish Sign

The oil contango continues to narrow. The table below shows the contango changes in June to December contracts between May 7 and today. On May 7 the difference June to October contracts it was $4.01, now is around $3.46:


Oil has gone up in great part due to the recent decline in the USD. Nevertheless, declining contango is a bullish sign.

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