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Brent crude's six-month contango deepened on Monday after OPEC+ agreed to cut output by nearly 10%. Oil timespreads showed the market moving opposite to what the production cut was expected to achieve.
A deepening contango signals oversupply and weak prompt demand, which keeps near-term crude prices under pressure despite the output deal. This limits the support that the cuts would otherwise give to energy-linked feed and biofuel costs.
bloomberg.comSharon ChoApr 13, 2020Not 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.
