Buying Dec'15 Crude Futures
Selling Dec'16 Crude Futures
* Spread done@ 5.45, target is 3.69 for a profit on half the position *
We are near historically depressed levels of the 12 month crude oil calendar spread. In the near term, there is a risk that storage becomes scarce, which would force producers into "shutdown economics," as Goldman Sachs terms it....
USD is taking a breather ahead of the Fed statement on Wednesday. Looks to be we may have a (minor) reversal that is tradable for a few ticks. I entered at 79.10 and am looking to exit at 79.47.