On April 8, the US crude oil May 2019 futures closed ~$3.5 above the May 2020 futures. On April 1, the futures spread was at a premium of $1.7. On April 1–8, US crude oil May futures rose 4.6%.
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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 by nearly five percentage points. The recent geopolitical crisis in Libya might have pushed the spread’s premium and oil prices up. If the spread’s premium expands more, it would signal more bullish sentiments for oil.