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Oil & Gas Corner

The oil & gas value chain daily — wellhead to wholesale: OPEC+ and the producers, pipelines, LNG and shipping, refining and fuels, plus the day's best-argued posts from the energy crowd.

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The curve

Calendar spreads

At the Wed, Sep 23 close

WTI crude

Front Nov 26 · $/bbl

Spread	$ / mo	Backwardation
M1–M2 Nov 26 → Dec 26	+2.21	+34.7%
M2–M4 Dec 26 → Feb 27	+2.07	+33.4%
M3–M6 Jan 27 → Apr 27	+1.76	+28.9%
M4–M8 Feb 27 → Jun 27	+1.46	+24.3%
M5–M9 Mar 27 → Jul 27	+1.30	+21.6%

Brent crude

Front Dec 26 · $/bbl

Spread	$ / mo	Backwardation
M1–M2 Dec 26 → Jan 27	+2.66	+40.2%
M2–M4 Jan 27 → Mar 27	+2.09	+31.7%
M3–M6 Feb 27 → May 27	+1.45	+21.9%

Henry Hub gas

Front Nov 26 · $/MMBtu

Spread	$ / mo	Backwardation
M1–M2 Nov 26 → Dec 26	-0.337	-70.2%
M2–M4 Dec 26 → Feb 27	-0.011	-3.7%
M3–M6 Jan 27 → Apr 27	+0.378	+300.3%
M4–M8 Feb 27 → Jun 27	+0.153	+76.8%
M5–M9 Mar 27 → Jul 27	-0.072	-24.9%

Backwardation is annualized: (near ÷ far)^(12/n) − 1 over the n months between the two contracts; $ / mo = (near − far) ÷ n. Positive = backwardation, negative = contango. Contract prices at the last close.

Latest issue · Tuesday, September 22, 2026

Crude falls for a fifth straight session as the Saudi pipeline comes back and Washington and Tehran talk for three hours

Brent fell more than $2/bbl intraday to its lowest since September 8 and settled down about 1% near $99.25, while WTI shed roughly 1.2% to settle near $94.59, after Trump told…

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