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WTI Moves Into Sharp Backwardation

WTI Moves Into Sharp Backwardation

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…

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