Why is the market suddenly so desperate for the June contract. Currently trading at around 20 cents more than July contract. I would have expected the smart money to buy oil last month when it was apparently cheaper than free. Seems weird to me. If oil was going to go much higher than why aren't the forward months not much higher than spot price or is there an element of price manipulation. I would have expected traders to be a lot more wary of the expiry of the June WTI next week. Instead if price action is to believed, seems like panic buying. What am I missing???? I don't usually trade oil, so if anyone can explain, I'd be grateful.
