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Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E Sr MedTrm Nt
This previous week in crude markets was very unusual in that we saw backwardation enter the forward curve as well as a broad-based selloff in price. Specifically, at present the market is $0.14 per barrel in backwardation in the front month contract which is the largest level of backwardation seen since the inventory drawdown of mid-2018.
What is particularly unusual about the switch into backwardation is the fact that it came very suddenly (mostly in the course of a single day on Monday) and also occurred on a day in which the price of crude