Is oil still in backwardation
As of April 26, 2026, the oil market remains in a state of steep backwardation
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Current market conditions are characterized by immediate “spot” prices trading at a significant premium over contracts for later delivery
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Current Market Structure
- WTI (West Texas Intermediate): Near-term contracts are trading around $94.40 per barrel as of April 24, while December 2026 futures have traded as much as $40 lower than May or June contracts
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- Brent Crude: The international benchmark shows a similar pattern, with spot prices surging past futures prices, reaching a premium of more than $25 per barrel over front-month futures in early April
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- Calendar Spreads: The 12-month backwardation (WTI 12-month futures minus spot) was measured at -$19.90 on April 22, indicating persistent, though slightly cooling, expectations of near-term supply tightness