John Kemp, Reuters, has an excellent chart book illustrating the tightening of crude oil stocks… Here is one showing Brent and WTI, month one minus month seven, moving from contango to backwardation:
There are more charts here: http://fingfx.thomsonreuters.com/gfx/ce/5/1394/1392/CRUDE%20OIL%20CALENDAR%20SPREADS%20AND%20STOCKS.pdf
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