Contango on Mideast Oil Ends on China Squeeze: Energy Markets
This article is for subscribers only.
The 16-month-old contango in Dubai oil, the benchmark grade of crude for Asia, has disappeared as a shortage of diesel in China puts a premium on the quickest deliveries of fuel.
The December contract was 20 cents a barrel more expensive than January’s today, reversing a discount that’s been in place since July 2009, according to data from PVM Oil Associates, a London-based broker.