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Tuesday, June 13, 2023 1:25:48 PM
Energy commodities; gasoline, (all types) and fuel oil, fell 5.6% in one month. We'll have to see if this trend continues this month. Spot price for oil this morning is $67.12. Oil prices fell this low in March and in December 2021. Oil contracts a decade out are now below $50.
Backwardation is not the normal state of the oil market but this is the state we find it in today. My chart below based on data from the WSJ.
Backwardation is not the normal state of the oil market but this is the state we find it in today. My chart below based on data from the WSJ.
The stock market is a device for transferring money from the impatient to the patient. - WB
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