Kahuna1 you make a most interesting observation about the fundamental change in the backwardation of oil futures contracts.
It shows a change in sentiment about the future, but I dont know how reliable it will be as predictor of future oil prices.
Sentiment about almost anything in the markets can change very fast. I remember a year or two ago my broker convincing me not to buy WPL at $12 as it was overpriced. However I am now considering buying at nearly twice that price - hopefully that too will seem cheap in a few years.
I don't wish to seem pedantic, but isnt contango the precise opposite of backwardation?
oil price target for 2005 of us$64.21- us$66.90, page-3
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Last
$24.10 |
Change
0.100(0.42%) |
Mkt cap ! $45.75B | |||
| Open | High | Low | Value | Volume |
| $23.98 | $24.23 | $23.93 | $168.2M | 6.980M |
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| No. | Vol. | Price($) |
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| 1 | 27894 | $24.09 |
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| Price($) | Vol. | No. |
|---|---|---|
| $24.11 | 1928 | 2 |
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