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WTI November futures settled at $59.49 on October 13, while the May 2026 contract settled at $59.02, a 47-cent prompt premium. The spread was the narrowest since January 2024, signalling growing glut fears.
A narrowing backwardation signals weakening near-term tightness and oversupply expectations, which tend to pressure crude and diesel prices.
reuters.comGeorgina MccartneyOct 13, 2025Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
