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***Top stories from the last 15 days
- Written by Sumit Roy |
- August 06, 2012
Contango Report: NatGas Clings To Contango As Prices Fall; Brent Backwardation Widens Again
- Details
3.35%
Annualized Cost 1 Week Previous
4.08%
Historical 08/03 5YR Annualized Roll
9.91%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: WTI is in contango through most of the one-year forward curve.
ROLL COSTS: The front-month roll fell to 3.35 percent annualized from 4.08 percent.
BOTTOM LINE: Contango
-13.68%
Annualized Cost 1 Week Previous
-11.27%
Historical 08/03 5YR Annualized Roll
1.36%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: Brent's backwardation widened again last week.
ROLL COSTS: Investors net 13.68 percent annualized from rolling front-month Brent contracts, up from 11.27 percent.
BOTTOM LINE: Backwardation
1.26%
Annualized Cost 1 Week Previous
5.05%
Historical 08/03 5YR Annualized Roll
27.01%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: The natural gas forward curve remained relatively flat at the front end of the curve as prices retreated. Roll costs are insignificant, which increases the appeal of a security such as the United States Natural Gas Fund (UNG) as a vehicle for bullish natural gas exposure.
ROLL COSTS: It costs investors 1.26 percent annualized to roll front-month natural gas contracts, down from a cost of 5.05 percent.
BOTTOM LINE: Mild Contango
0.86%
Annualized Cost 1 Week Previous
0.67%
Historical 08/03 5YR Annualized Roll
1.19%
Contract Months:
Feb Apr Jun Aug Oct Dec
CONTANGO WATCH: Gold is in mild contango.
ROLL COSTS: It costs investors 0.86 percent annualized to roll front-month gold contracts, up from 0.67 percent.
BOTTOM LINE: Mild Contango
0.58%
Annualized Cost 1 Week Previous
1.38%
Historical 08/03 5YR Annualized Roll
1.33%
Contract Months:
Jan Mar May Jul Sep Dec
CONTANGO WATCH: Silver is in mild contango throughout most of the forward curve.
ROLL COSTS: It costs investors 0.58 percent annualized to roll front-month silver contracts, down from 1.38 percent.
BOTTOM LINE: Mild Contango
0.60%
Annualized Cost 1 Week Previous
1.66%
Historical 08/03 5YR Annualized Roll
1.18%
Contract Months:
Jan Apr Jul Oct
CONTANGO WATCH: Platinum is in mild contango at the front end of the forward curve.
ROLL COSTS: It costs investors 0.60 percent annualized to roll front-month platinum contracts, down from 1.66 percent.
BOTTOM LINE: Contango
0.31%
Annualized Cost 1 Week Previous
2.79%
Historical 08/03 5YR Annualized Roll
1.59%
Contract Months:
Mar Jun Sep Dec
CONTANGO WATCH: Palladium is in mild contango at the very front end of the curve.
ROLL COSTS: It costs investors 0.31 percent annualized to roll front-month palladium contracts, down from a cost of 2.79 percent.
BOTTOM LINE: Mild Contango
0.16%
Annualized Cost 1 Week Previous
0.88%
Historical 08/03 5YR Annualized Roll
-0.99%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: Copper is in mild contango across the one-year forward curve.
ROLL COSTS: It costs investors 0.16 percent annualized to roll front-month copper contracts, down from 0.88 percent.
BOTTOM LINE: Mild Contango
4.65%
Annualized Cost 1 Week Previous
11.12%
Historical 08/03 5YR Annualized Roll
5.34%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: The aluminum forward curve is in steady contango.
ROLL COSTS: Front-month annualized roll costs moved down to 4.65 percent from 11.12 percent the week before.
BOTTOM LINE: Contango
2.65%
Annualized Cost 1 Week Previous
1.30%
Historical 08/03 5YR Annualized Roll
4.18%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: Zinc is in mild contango across the one-year forward curve.
ROLL COSTS: It costs investors 2.65 percent annualized to roll front-month zinc contracts, up from 1.3 percent.
BOTTOM LINE: Mild Contango
3.72%
Annualized Cost 1 Week Previous
2.53%
Historical 08/03 5YR Annualized Roll
3.14%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: Lead is in contango across the one-year forward curve.
ROLL COSTS: It costs investors 3.72 percent annualized to roll front-month lead contracts, up from a cost of 2.53 percent.
BOTTOM LINE: Contango
1.47%
Annualized Cost 1 Week Previous
1.45%
Historical 08/03 5YR Annualized Roll
1.09%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: Nickel is in mild contango throughout the forward curve.
ROLL COSTS: Roll costs for nickel edged up to 1.47 percent from 1.45 percent.
BOTTOM LINE: Mild Contango
0.67%
Annualized Cost 1 Week Previous
0.33%
Historical 08/03 5YR Annualized Roll
-2.25%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: The tin forward curve is in mild contango throughout the one-year forward curve.
ROLL COSTS: It costs investors 0.67 percent annualized to roll front-month tin contracts, up from a cost of 0.33 percent.
BOTTOM LINE: Mild Contango
-0.25%
Annualized Cost 1 Week Previous
-2.18%
Historical 08/03 5YR Annualized Roll
9.46%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: Corn's backwardation at the front end of the curve narrowed last week.
ROLL COSTS: Investors net 0.25 percent annualized from rolling front-month corn contracts, down from a net of 2.18 percent.
BOTTOM LINE: Mild Backwardation
6.13%
Annualized Cost 1 Week Previous
5.92%
Historical 08/03 5YR Annualized Roll
16.84%
Contract Months:
Mar May Jul Sep Dec
CONTANGO WATCH: Wheat's contango widened last week.
ROLL COSTS: Wheat's annualized front-month roll costs rose to 6.13 percent from 5.92 percent.
BOTTOM LINE: Contango
-4.14%
Annualized Cost 1 Week Previous
-31.88%
Historical 08/03 5YR Annualized Roll
-5.29%
Contract Months:
Jan Mar May Jul Aug Sep Nov
CONTANGO WATCH: Soybeans' backwardation narrowed as prices sold off last week.
ROLL COSTS: Investors net 4.14 percent annualized from rolling front-month soybeans contracts, a big decline from a net of 31.88 percent.
BOTTOM LINE: Backwardation
14.83%
Annualized Cost 1 Week Previous
32.07%
Historical 08/03 5YR Annualized Roll
9.80%
Contract Months:
Feb Apr Jun Aug Oct Dec
CONTANGO WATCH: Live cattle curve is in contango across most of the one-year forward curve.
ROLL COSTS: It costs investors 14.83 percent annualized to roll front-month live cattle contracts, down from a cost of 32.07 percent.
BOTTOM LINE: Contango
-14.12%
Annualized Cost 1 Week Previous
-61.14%
Historical 08/03 5YR Annualized Roll
-9.54%
Contract Months:
Feb Apr May Jun Jul Aug Oct Dec
CONTANGO WATCH: The front half of the lean hogs forward curve is in backwardation.
ROLL COSTS: Investors net 14.12 percent annualized from rolling front-month lean hogs contracts, down sharply from a net of 61.14 percent.
BOTTOM LINE: Backwardation to Contango
6.30%
Annualized Cost 1 Week Previous
6.83%
Historical 08/03 5YR Annualized Roll
7.15%
Contract Months:
Mar May Jul Sep Dec
CONTANGO WATCH: Coffee is in contango throughout the one-year forward curve.
ROLL COSTS: Annualized front-month roll costs fell to 6.3 percent from a cost of 6.83 percent.
BOTTOM LINE: Contango
1.52%
Annualized Cost 1 Week Previous
1.89%
Historical 08/03 5YR Annualized Roll
3.84%
Contract Months:
Mar May Jul Sep Dec
CONTANGO WATCH: Cocoa is in contango throughout the one-year forward curve.
ROLL COSTS: It costs investors 1.52 percent to roll front-month cocoa contracts, down slightly from a cost of 1.89 percent.
BOTTOM LINE: Mild Contango
4.76%
Annualized Cost 1 Week Previous
2.98%
Historical 08/03 5YR Annualized Roll
4.99%
Contract Months:
Mar May Jul Oct
CONTANGO WATCH: Sugar is in contango at the front end of the curve.
ROLL COSTS: It costs investors 4.76 percent annualized to roll front-month sugar contracts, up from a cost of 2.98 percent.
BOTTOM LINE: Contango to Backwardation
6.97%
Annualized Cost 1 Week Previous
5.93%
Historical 08/03 5YR Annualized Roll
4.31%
Contract Months:
Mar May Jul Oct Dec
CONTANGO WATCH: Cotton is in contango throughout the one-year forward curve.
ROLL COSTS: It costs investors 6.97 percent annualized to roll front-month cotton contracts, up from a cost of 5.93 percent.
BOTTOM LINE: Contango
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