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Oil & Gas Corner

The oil & gas value chain daily — wellhead to wholesale: OPEC+ and the producers, pipelines, LNG and shipping, refining and fuels, plus the day's best-argued posts from the energy crowd.

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The curve

Calendar spreads

At the Fri, Nov 6 close

WTI crude

Front Dec 26 · $/bbl

Spread	$ / mo	Backwardation
M1–M2 Dec 26 → Jan 27	+1.24	+17.9%
M2–M4 Jan 27 → Mar 27	+1.64	+25.1%
M3–M6 Feb 27 → May 27	+1.57	+24.6%
M4–M8 Mar 27 → Jul 27	+1.41	+22.4%
M5–M9 Apr 27 → Aug 27	+1.31	+21.1%

Brent crude

Front Jan 27 · $/bbl

Spread	$ / mo	Backwardation
M1–M2 Jan 27 → Feb 27	+2.67	+39.1%
M2–M4 Feb 27 → Apr 27	+2.21	+32.7%
M3–M6 Mar 27 → Jun 27	+1.84	+27.6%

Henry Hub gas

Front Dec 26 · $/MMBtu

Spread	$ / mo	Backwardation
M1–M2 Dec 26 → Jan 27	-0.456	-81.7%
M2–M4 Jan 27 → Mar 27	+0.522	+766.6%
M3–M6 Feb 27 → May 27	+0.225	+168.2%
M4–M8 Mar 27 → Jul 27	-0.097	-36.2%
M5–M9 Apr 27 → Aug 27	-0.132	-45.4%

Backwardation is annualized: (near ÷ far)^(12/n) − 1 over the n months between the two contracts; $ / mo = (near − far) ÷ n. Positive = backwardation, negative = contango. Contract prices at the last close.

Latest issue · Friday, November 6, 2026

Crude ends a brutal week almost flat, as fresh Hormuz mine claims offset the midterm de-escalation bet

Brent settled at $98.32 a barrel, up 3 cents, and WTI at $90.83, up 31 cents — a quiet finish to a week that still posted one of the sharpest percentage drops since the pandemic,…

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