On April 15, the US crude oil May 2019 futures closed ~$2 above the May 2020 futures. On April 8, the futures spread was at a premium of $3.5. On April 8–15, US crude oil May futures fell 1.6%.
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Fall in bullish sentiments
The market sentiment towards the oil demand and supply situation is reflected in the futures spread. In the last five trading sessions, the spread’s premium contracted. US crude oil prices fell by nearly two percentage points. The rise in US crude oil supply might have dragged the spread’s premium and oil prices. If the spread’s premium contracts more, it would signal an additional fall in the bullish sentiments for oil.