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Crude Oil Forward Curves: WTI, Brent and Brent-WTI Spread


Last update: November 15, 2019, 3:00 EST

Description

Crude Oil Forward Curves chart shows the price (end of day closing price or the latest price at the time of an update) of 22 crude oil back-month contracts: NYMEX WTI (bright orange curve) and ICE Brent (light orange curve). The chart also shows the latest price of the front month contracts and the spread between the two contracts (Brent-WTI Spread - light cyan curve).

A front month contract (also referred to as "the prompt month contract" or simply "the prompt") is a futures contract with an expiration date closest to the current date. It is often, but not always, the most actively traded futures contract. A back-month contract (also referred to as "far month contract") is a type of futures contract that expires in any month past the front month futures contract. The price of the first back month futures contract is often used along with the front month futures price to calculate the calendar spread. The forward curve is essentially a function graph that defines the prices at which a contract for future delivery can be concluded today. It is also often referred to as "the forward strip". When crude oil forward curve is upward-sloping, the market is in "contango". When crude oil forward curve is downward-sloping, the market is in "backwardation".

Update: every weekday + Sunday afternoon.

Source: CME Group, ICE, Bluegold Research calculations

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