According to the rollover rules, June CL is now the front contract. When it rolled over at 6 pm, it brought about a $6 per barrel premium over the May contract. June CL now down 60 cents from the opening to around $24.90.It looks like the May contract expires today or Monday. The June is trading at $25 or $7 above the about to expire May. Whats spot price? Why hasn't the June contract greatly narrowed the spread with the May contract. So that means Monday they'll be quoting the $25 June contract? I'm confused . People will say wow oil was just $18 and now its $25? Makes no sense why the may and June premium did narrow to maximum $1 before the May contract is gone.
