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For 2012 West Texas Intermediate Crude Oil has been in Cantango.
Contango means that the prices for delivery of WTI in distant months are higher
than for the near month contracts. This represents a market where there's a
storage premium. If people are willing to pay more for delivery in six months,
the commodity is generally not in short supply.
Freeport McMoran surprised the market today, buying two oil & gas exploration companies..... the copper & gold company...getting into crude oil & nat gas? Why? Link