New York Crude in Backwardation

[Financial.Velociraptor]

CLN15.NYM 59.20
CLQ15.NYM 56.94

Peculiar...  The immediate news item that comes to mind is the Greek Default.  But Greece makes up about .4% of global GDP and can't be a high oil demand jurisdiction.  I think there may have been some panic selling among long speculators...

[tarheeldan]

I'm trying to figure out what you're looking at here. I looked up the ticker and Yahoo charts it but it doesn't provide a description. Is this spot physical or something?

I make an OTC derivatives market based off of NYMEX HO, so I keep an eye on crudes of course and I'm always looking at: http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html

[Financial.Velociraptor]

Those are the tickers for Jul and Aug New York Crude futures.  The normal scenario for futures is longer dated ones are more expensive (contango).  Only when there is sentiment the price will fall rapidly are later dated futures cheaper (backwardation).

[ToeInTheWater]

July crude futures expired 10 days or so ago.  .

if you're looking on July1 and comparing to Aug futures, you're seeing quotes from 2 different days

[tarheeldan]

July crude futures expired 10 days or so ago.  .

if you're looking on July1 and comparing to Aug futures, you're seeing quotes from 2 different days

Exactly why I was confused. Plus, NYMEX WTI is delivered at Cushing, OK not New York Harbor so that threw me too. There's a carry in the market:
CLQ15 56.96
57.37
57.70
58.12
58.55
58.93
59.22
59.46
59.69
59.92
60.16
60.33
60.50
60.68
60.91
61.15
61.39
61.53
61.67
61.84
(These are 7/1 settlements)

[Financial.Velociraptor]

Yeah I figured it out about 10 minutes ago and came here to post/eat crow.  *Facepunch* please!

Front and second month are in contango as expected. 

Doh!