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The New DU. Reply #10: The Contango in crude is incredible actually....
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Lucky Luciano
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Thu Dec-18-08 09:16 AM
Response to Reply #6 |
| 10. The Contango in crude is incredible actually.... |
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The contract for Jan delivery actually expires tomorrow...and starting Monday, the front month contract will be for Feb delivery. The difference (Contango is when the months further out cost more than near months - ie an upward sloping futures curve) between the Jan and Feb contract are about $4...and it is true that there is so much oversupply that crude is being stored in supertankers. Frontline (ticker: FRO) has oil stored in 25 of its tankers right now! Each holds 25MM barrels.
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