This is suicidal, Guterres warned. The six-month calendar spread for Brent futures is currently in a contango of $1.90, which is in the 24th percentile for all trading days since 1990, again indicating that the market is expected to remain well-supplied. FILE PHOTO: Pump jacks operate at sunset in Midland, Texas, U.S., February 11, 2019. WELL-SUPPLIED MARKETIn the United States, high-frequency data shows stocks of crude and products outside the strategic petroleum reserve are still 113 million barrels, or nearly 9%, above the five-year seasonal average (tmsnrt.rs/37Kxc97). FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020.
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