Brent In Contango

Menzie Chinn
By Menzie Chinn of Econbrowser
Professor of Public Affairs and Economics at the University of Wisconsin •

Prices are higher near future than front month, which is different from backwardation (which was typical during most of the war). This seems to coincide with a recent drop in re-opening expectations.

As of yesterday:

Source: Barchart, accessed 6/27/2026.

Literally, prices are higher near future than front month, which is different from backwardation (which was typical during most of the war).

This seems to coincide with a recent drop in re-opening expectations.

Source: Kalshi, accessed 6/27/2026 4:45pm.

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