Front-month Brent futures, represented by the May 2022 contract (K22) peaked at $128 a barrel on Tuesday March 8 2022.
It crossed to over $100 a barrel at the start of March following Russia's invasion of Ukraine on 24 February. K22 is currently trading at $116 a a a barrel with 102K contracts traded with an intraday rise of 4.7%.
The Brent curve is in backwardation with the June 2022 (M22) contract trading at $112 (rounded to the nearest dollar), with the front month trading at $4 per barrel premium, with a similar premium for July (N22) trading at $108 per barrel.
Not until the October 2022 (V22) contract do we see oil dipping below $100 a barrel.
We see similar backwardation and spreads in future pricing on the NYMEX WTI Curve. With WTI all the volume is on the front month with 104K contracts (and counting) traded on 10 March 2022. Comparing front month contracts. Brent is at a $3 premium to WTI.
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