On April 22, the US crude oil June 2019 futures closed ~$3.9 above the June 2020 futures. On April 15, the futures spread was at a premium of $2.6. On April 15–22, US crude oil June futures rose 3.1%.
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Rise 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 expanded. US crude oil prices rose just above three percentage points. Inventories falling below their five-year average and the end of US waivers boosted oil prices. If the spread’s premium expands more, it would signal an additional rise in the bullish sentiments for oil.