Today, Front month crude rises about 11%, while most back month contracts have a moderate deline (2% for April and May). This is mainly due to contango trade covering before the long weekend prior to delivery week. If the short covering (March contract)is done, we should expect a moderate widening or no change of the contango into next week.
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CL spread 03-05
CL spread 03-04
2-11-2009
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