However even at the extreme front end of the curve the perspicacious observer will note that although the months 1-5 cash-and-carry contango trade is steeper than at the August and October snapshots, it is not nearly as profitable as nine months ago.
From ZeroHedge:
The crude curve has just collapsed, especially since the rebound after China’s Golden Week reprieve ended around October 15. As Alhambra's Jeff Snider notes, the entire futures curve is under $50, an upsetting commentary on everything from US "demand" to long-term implications and especially those that are derived from economists’ somehow continued insistence that this is all just "transitory."
Transitory just died.
