WTI has been on a surge since the end of the first quarter, up around 13%. However, has now moved into shape backwardation trading at $102.97 for September delivery, $101.76 for October delivery and $97.72 for January delivery.
In addition, WTI’s rapid rise has not been matched by its counterparts despite the fact that some of them are likely to come from the same source:
- NY harbor RBOB: up less than 1% since March
- NY ULSD: down 3.1% since March
- Group 3 ULSD: down 1.1% since March 1
- Gulf Coast pipeline ULSD: down 2.5% since March 1
- LLS: down 2.5% since March 1
WTI is certainly exhibiting some strange trading patterns.