Crude Oil Steeps into Contango, Bullish Long-Term View
Update: 2026-01-02
Description
Energy futures on the New York Mercantile Exchange closed the week with mixed results, with crude oil leading the action. The February contract settled at $57.32 per barrel, down 10 cents, while March followed suit at $57.12, also down 10 cents. However, the crude oil curve steepened into contango further out, with December twenty twenty-six hitting $61.89, gaining 41 cents, signaling bets on tighter supplies ahead. Traders reacted to steady demand signals and inventory data, keeping volumes solid. Open interest slipped to 1,936,545, down 14,045. Other key contracts, such as RBOB gasoline and natural gas, also saw price changes. Overall, distant months across the board posted gains, painting a bullish long-term view amid global energy shifts. Checkout Solipillow.com
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