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Quick recap: The main driver of the squeeze.....>

OIL
OIL: Quick recap: The main driver of the squeeze lower in WTI has been the lack
of storage capacity in Cushing. WTI is only deliverable in Cushing while Brent
is deliverable in multiple global locations. With many more locations available
to deliver, Brent has not seen as much of a storage capacity squeeze and hence
the super contango move has been much more exaggerated in WTI than Brent.
WTI contract .. Price ..... Low* .... Change since Friday
May............ -3.50 ... -40.32 .... -21.77
Jun............ 15.84 .... 11.79 ..... -9.19
Jul............ 23.07 .... 19.80 ..... -6.35
Aug............ 25.43 .... 22.30 ..... -5.77
Sep............ 26.89 .... 23.64 ..... -5.19
Oct............ 27.97 .... 24.88 ..... -4.74
Nov............ 28.89 .... 26.05 ..... -4.41
Dec............ 30.12 .... 27.17 ..... -3.7
Source: MNI, Bloomberg. * Low is today's price apart from May contract which is
yesterday's low.

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