With Aug CL at 69.46 as I write, I think it has scope to go higher yet. Having said that, near dates are looking expensive relative to later dates, so near dates might not go that much higher in the short term -- unless there is a strike on Iran. This could happen around full moon end of June. I've noticed a small spike in Iran-war futures on betting exchanges, plus it's conceivable that knighting Salman Rushdie might have been inspired to inflame the situation and then blame them. It could well be that CL near dates are getting relatively expensive exactly because a strike on Iran is already being priced in, in which case what we see now in the market is exactly what I would expect. If an attack happened we would surely see near dates go a lot higher still and quite possibly into backwardation.
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