Headline: Oil Prices Edge Higher After Wild Week as Futures Flip to Contango
After a roller-coaster stretch for energy markets, crude oil managed to close the week with a slim gain. Traders weighed uncertainty around Russian exports against broader risk-off sentiment, while a late burst of hedging and short covering helped steady prices into the weekend.
West Texas Intermediate was knocked lower midweek before rebounding on Thursday and Friday, a pattern that underscored oil’s role as a hedge in turbulent markets. Heavy short interest and end-of-week book-squaring triggered short covering, lifting futures despite broader market weakness. From a technical perspective, price action remains in consolidation, with this month’s swings still contained within the late-October weekly range.
Under the surface, the structure of the market shifted. The crude futures curve slipped into a shallow contango—signaling slightly more comfortable near-term supply—even as the overall term structure stayed relatively flat. At the same time, refining economics strengthened: the 3-2-1 crack spread widened to a year-to-date high near $31.89, pointing to robust product margins and ongoing demand for gasoline and distillates. Net result: oil ended the week about 35 cents higher, capping a volatile but resilient performance.
Key Points – WTI crude finished the week up roughly $0.35 after sharp midweek swings – Prices were whipsawed by risk sentiment and uncertainty around Russian oil flows – Late-week hedging and short covering supported the rebound – The futures curve moved into mild contango, while remaining broadly flat – 3-2-1 crack spreads widened to about $31.89, the highest level this year – Price action is still consolidating within the late-October weekly range
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