tag:blogger.com,1999:blog-1149283829854298377.post7485038992983261127..comments2024-03-28T15:12:38.709-05:00Comments on The Million Dollar Way (The Bakken Oil Blog): WTI Surges Into "Deep Backwardation" -- John Kemp -- Oil Futures Page -- June 28, 2018Bruce Oksolhttp://www.blogger.com/profile/10952652803684625738noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-1149283829854298377.post-76088187444125679542018-07-04T16:14:51.647-05:002018-07-04T16:14:51.647-05:00You are so correct; that is what perplexes me abou...You are so correct; that is what perplexes me about all the DUCs and so few reports of DUCs being completed. I am eagerly looking forward to "frack season in North Dakota" which should have started a month ago and will continue through November. Bruce Oksolhttps://www.blogger.com/profile/10952652803684625738noreply@blogger.comtag:blogger.com,1999:blog-1149283829854298377.post-45256503683576286282018-07-04T16:07:51.725-05:002018-07-04T16:07:51.725-05:00you know what else? no one will want to hold or s...you know what else? no one will want to hold or store crude with oil prices in backwardation...it'd be like putting money in the bank and have the bank take 2% out every month...rjshttps://www.blogger.com/profile/15681812432224138582noreply@blogger.comtag:blogger.com,1999:blog-1149283829854298377.post-50131543064118747742018-07-02T21:19:46.974-05:002018-07-02T21:19:46.974-05:00Well, it's "official," now. This wil...Well, it's "official," now. This will be the page where I track comments regarding oil contracts, futures, backwardation, and contango.<br /><br />Thank you for the great link. That link is now at the sidebar at the right, and it is also at my "Data Links" page.Bruce Oksolhttps://www.blogger.com/profile/10952652803684625738noreply@blogger.comtag:blogger.com,1999:blog-1149283829854298377.post-71346841686248919302018-07-02T20:41:30.298-05:002018-07-02T20:41:30.298-05:00here's a better way of viewing that "deep...here's a better way of viewing that "deep backwardation" than looking at each contract separately: https://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html<br />there you see August oil quoted at $74.66, September oil at $72.38, October oil at $69.08, and so forth all on the same page, quotes being updated as i speak...<br /><br />what that means in practical terms for a producer is that although the price of oil may be quoted at $74 today, they can only contract for their future oil output at the futures price given for the month they expect their production to start...<br /><br />i should have looked for that kind of futures page to start with...i have just become habituated to just looking at one or two months, so that's what i posted here in my initial attempt to explain Kemp's graph..rjshttps://www.blogger.com/profile/15681812432224138582noreply@blogger.comtag:blogger.com,1999:blog-1149283829854298377.post-72823091021298399382018-06-29T09:13:52.081-05:002018-06-29T09:13:52.081-05:00Much appreciated. I've brought your comment to...Much appreciated. I've brought your comment to the main body of the blog. You've helped readers with this before. I may have to have a stand-along page or stand-alone post for futures just to make it easier for folks to be reminded of CL, CB, etc. Bruce Oksolhttps://www.blogger.com/profile/10952652803684625738noreply@blogger.comtag:blogger.com,1999:blog-1149283829854298377.post-26294348726598206082018-06-29T09:02:15.116-05:002018-06-29T09:02:15.116-05:00he's comparing future's contracts...
this ...he's comparing future's contracts...<br />this is pricing for August oil, what's currently being quoted: https://www.barchart.com/futures/quotes/CLQ18/price-history/historical<br />here's pricing for oil contracts for February 19:<br />https://www.barchart.com/futures/quotes/CLB19/price-history/historical<br /><br />in those URLs, CL is for WTI Q or B is the month code, and 18 or 19 is the year<br />to get futures prices for Brent, swap a CB for the CL:<br />https://www.barchart.com/futures/quotes/CBB19/price-history/historical Feb Brent<br /><br />i've probably made it more confusing, but those are the kinds of spreads he's graphingrjshttps://www.blogger.com/profile/15681812432224138582noreply@blogger.com