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Jim Baird asks:

Hey Warren,

I noticed the crude spreads have slipped back into contango today. Are the ETFs up to their old tricks?

For sure inventory conditions have shifted, but they always seasonally shift up around this time. Could be ETFs to some degree.

More interesting, if the Fed is still up to their old ways, this would signal to them that markets are anticipating higher prices down the road, rather than elevated inventories, and may nudge them to hike sooner than otherwise.


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