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Contango Report: Natural Gas Contango Widens

Contango Report: Natural Gas Contango Widens

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Energy
WTI
WTI
Current Annualized Cost
7.89%
Annualized Cost 1 Week Previous
7.74%
Historical 12/07 5YR Annualized Roll
27.71%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
RCWTI


CONTANGO WATCH: WTI's contango widened slightly; contango remains the dominant trend across the one-year forward curve.

ROLL COSTS: It costs investors 7.89 percent annualized to roll front-month WTI contracts, up from a cost of 7.74 percent.

BOTTOM LINE: Contango

Brent
Brent
Current Annualized Cost
-10.43%
Annualized Cost 1 Week Previous
-10.11%
Historical 12/07 5YR Annualized Roll
20.90%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
RCBrent


CONTANGO WATCH: Brent continues its march deeper into backwardation.

ROLL COSTS: Investors net 10.43 percent annualized from rolling front-month Brent contracts, up from a net of 10.11 percent.

BOTTOM LINE: Backwardation

HH Natural Gas
HH
Current Annualized Cost
9.79%
Annualized Cost 1 Week Previous
7.99%
Historical 12/07 5YR Annualized Roll
10.80%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
RCHH


CONTANGO WATCH: Natural gas' contango widened a bit this week, but remains typical for this time of year. At $0.02, the front-month natural gas roll is relatively inconsequential, at least by natural gas standards. More pertinent for traders are weather forecasts, the key driver of natural gas over the winter months. Currently, the NOAA is calling for mild temperatures for the bulk of December, which has pressured prices in recent sessions.

ROLL COSTS:
It costs investors 9.79 percent annualized to roll front-month natural gas contracts, up from a cost of 7.99 percent.

BOTTOM LINE: Contango

Precious Metals
Gold
Gold
Current Annualized Cost
0.91%
Annualized Cost 1 Week Previous
0.70%
Historical 12/07 5YR Annualized Roll
0.92%
Contract Months:
Feb Apr Jun Aug Oct Dec
RCGold

CONTANGO WATCH: Gold saw a very slight widening of its contango, but roll costs are close to the five-year average historical roll for this date.

ROLL COSTS:
It costs investors 0.91 percent annualized to roll front-month gold contracts, up from a cost of 0.7 percent.

BOTTOM LINE: Mild Contango

Silver
Silver
Current Annualized Cost
1.63%
Annualized Cost 1 Week Previous
1.17%
Historical 12/07 5YR Annualized Roll
1.11%
Contract Months:
Jan Mar May Jul Sep Dec
RCSilver

CONTANGO WATCH: Silver saw its front-month contango widen slightly; trends across the one-year forward curve remain erratic.

ROLL COSTS:
It costs investors 1.63 percent annualized to roll front-month gold contracts, up from a net of 1.17 percent.

BOTTOM LINE: Mild Contango

Platinum
Platin
Current Annualized Cost
1.41%
Annualized Cost 1 Week Previous
0.88%
Historical 12/07 5YR Annualized Roll
1.63%
Contract Months:
Jan Apr Jul Oct
RCPlatin

CONTANGO WATCH: Platinum moved slightly deeper into contango this week.

ROLL COSTS
: Investors paid 1.41 percent annualized from rolling front-month platinum contracts, up from a cost of 0.88 percent.

BOTTOM LINE: Mild Contango

Palladium
Pallad
Current Annualized Cost
0.80%
Annualized Cost 1 Week Previous
1.68%
Historical 12/07 5YR Annualized Roll
1.31%
Contract Months:
Mar Jun Sep Dec
RCPallad

CONTANGO WATCH: Palladium remains in mild contango at the front end of the curve.

ROLL COSTS:
It costs investors 0.8 percent annualized to roll palladium contracts, down from a cost of 1.68 percent.

BOTTOM LINE: Mild Contango

Industrial Metals
Copper
Copper
Current Annualized Cost
1.32%
Annualized Cost 1 Week Previous
0.75%
Historical 12/07 5YR Annualized Roll
1.38%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
RCCopper


CONTANGO WATCH: Copper's contango widened slightly, remaining at mild levels.

ROLL COSTS: It costs investors 1.32 percent annualized to roll front-month copper contracts, up from a cost of 0.75 percent.

BOTTOM LINE: Mild Contango

Aluminum
Alum
Current Annualized Cost
7.15%
Annualized Cost 1 Week Previous
6.37%
Historical 12/07 5YR Annualized Roll
7.04%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
RCAlum


CONTANGO WATCH: Aluminum is in backwardation at the very front end of the curve and backwardation thereafter.

ROLL COSTS:
It costs investors 7.15 percent annualized to roll second-month aluminum contracts, up from a cost of 6.37 percent.

BOTTOM LINE: Backwardation to Contango

Zinc
Zinc
Current Annualized Cost
6.28%
Annualized Cost 1 Week Previous
5.74%
Historical 12/07 5YR Annualized Roll
5.65%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
RCZinc


CONTANGO WATCH: Zinc's steady contango widened a bit, remaining above the five-year average historical roll for this date.

ROLL COSTS:
It costs investors 6.28 percent annualized to roll front-month zinc contracts, up from a cost of 5.74 percent.

BOTTOM LINE: Contango

Lead
Lead
Current Annualized Cost
3.87%
Annualized Cost 1 Week Previous
1.07%
Historical 12/07 5YR Annualized Roll
4.82%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
RCLead


CONTANGO WATCH: Lead's contango widened last week.

ROLL COSTS:
It costs investors 3.87 percent annualized to roll front-month lead contracts, up from a cost of 1.07 percent.

BOTTOM LINE: Contango

Nickel
Nickel
Current Annualized Cost
1.48%
Annualized Cost 1 Week Previous
1.30%
Historical 12/07 5YR Annualized Roll
1.73%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
RCNickel


CONTANGO WATCH: Nickel's mild contango widened slightly this past week. The commodity remains in steady contango across the one-year forward curve.

ROLL COSTS:
It costs investors 1.48 percent annualized to roll front-month nickel contracts, up slightly from a cost of 1.3 percent.

BOTTOM LINE: Mild Contango

Tin
Tin
Current Annualized Cost
-0.28%
Annualized Cost 1 Week Previous
-0.27%
Historical 12/07 5YR Annualized Roll
-0.28%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
RCTin


CONTANGO WATCH: Tin remains in extremely steady mild backwardation.

ROLL COSTS:
Investors net 0.28 percent annualized from rolling front-month tin contracts, up from a net of 0.27 percent.

BOTTOM LINE: Mild Backwardation

Agricultural Commodities
Corn
Corn
Current Annualized Cost
2.27%
Annualized Cost 1 Week Previous
-1.37%
Historical 12/07 5YR Annualized Roll
11.91%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
RCCorn


CONTANGO WATCH: Corn flipped into contango at the front end of the curve.

ROLL COSTS:
It cost investors 2.27 percent annualized from rolling front-month corn contracts, up from a net of 1.37 percent.

BOTTOM LINE: Contango to Backwardation

Wheat
Wheat
Current Annualized Cost
6.46%
Annualized Cost 1 Week Previous
5.43%
Historical 12/07 5YR Annualized Roll
15.74%
Contract Months:
Mar May Jul Sep Dec
RCWheat

CONTANGO WATCH: Wheat's contango deepened this past week, moving closer to the five-year average historical roll for this date, while remaining notably below it.

ROLL COSTS: It cost investors 6.46 percent annualized to roll front-month wheat contracts, up from a cost of 5.43 percent.

BOTTOM LINE: Contango

Soybeans
SoyB
Current Annualized Cost
-0.30%
Annualized Cost 1 Week Previous
-3.15%
Historical 12/07 5YR Annualized Roll
3.37%
Contract Months:
Jan Mar May Jul Aug Sep Nov
RCSoyB

CONTANGO WATCH: Soybeans' backwardation narrowed this week.

ROLL COSTS:
Investors net 0.3 percent annualized from rolling front-month soybeans contracts, down from a net of 3.15 percent.

BOTTOM LINE: Mild Backwardation

Live Cattle
LiveC
Current Annualized Cost
20.28%
Annualized Cost 1 Week Previous
20.81%
Historical 12/07 5YR Annualized Roll
20.08%
Contract Months:
Feb Apr Jun Aug Oct Dec
RCLiveC

CONTANGO WATCH: Live cattle's contango narrowed a bit.

ROLL COSTS:
It costs investors 20.28 percent annualized to roll front-month live cattle contracts, down from a cost of 20.81 percent.

BOTTOM LINE: Contango

Lean Hogs
LeanH
Current Annualized Cost
41.77%
Annualized Cost 1 Week Previous
38.51%
Historical 12/07 5YR Annualized Roll
40.10%
Contract Months:
Feb Apr May Jun Jul Aug Oct Dec
RCLeanH

CONTANGO WATCH: Contango at the front end of the lean hogs forward curve widened, but remained near typical levels.

ROLL COSTS:
It costs investors 41.77 percent annualized to roll front-month lean hogs contracts, up from a cost of 38.51 percent.

BOTTOM LINE: Contango to Backwardation

Soft Commodities
Coffee C
Coffee
Current Annualized Cost
12.25%
Annualized Cost 1 Week Previous
11.99%
Historical 12/07 5YR Annualized Roll
9.21%
Contract Months:
Mar May Jul Sep Dec
RCCoffee

CONTANGO WATCH: Coffee widened its steady contango slightly this past week, remaining slightly steeper than the five-year average historical roll for this date.

ROLL COSTS:
It costs investors 12.25 percent annualized to roll front-month coffee contracts, up from a cost of 11.99 percent.

BOTTOM LINE: Contango

Cocoa
Cocoa
Current Annualized Cost
0.25%
Annualized Cost 1 Week Previous
0.71%
Historical 12/07 5YR Annualized Roll
2.30%
Contract Months:
Mar May Jul Sep Dec
RCCocoa

CONTANGO WATCH: Cocoa is in backwardation at the very front end of the curve and mild contango thereafter.

ROLL COSTS:
It costs investors 0.25 percent annualized to roll second-month cocoa contracts, down from a cost of 0.71 percent.

BOTTOM LINE: Backwardation to Mild Contango

Sugar #11
Sugar
Current Annualized Cost
3.82%
Annualized Cost 1 Week Previous
0.00%
Historical 12/07 5YR Annualized Roll
-5.52%
Contract Months:
Mar May Jul Oct
RCSugar

CONTANGO WATCH: Sugar is back in contango across the one-year forward curve.

ROLL COSTS:
It cost investors 3.82 percent annualized to roll front-month sugar contracts.

BOTTOM LINE: Contango

Cotton #2
Cotton
Current Annualized Cost
7.25%
Annualized Cost 1 Week Previous
5.12%
Historical 12/07 5YR Annualized Roll
-2.31%
Contract Months:
Mar May Jul Oct Dec
RCCotton

CONTANGO WATCH: Cotton's contango widened this past week.

ROLL COSTS:
Cotton's annualized front-month roll costs investors 7.25 percent annualized, up from 5.12 percent.

BOTTOM LINE: Contango

 

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