The A69 east to Newcastle and west to Carlisle is close and the nearbys
A68 has links North and South.
The futures curve plotting crude benchmark delivery months on the horizontal and crude price per barrel on the vertical is becoming more contango, with farther back delivery months increasing in price against the nearbys
"There is also the impact in terms of the distress and annoyance to those who have to live nearbys
," the judge added.
But the nearbys
gaining more than the back contracts is a signal of markets reacting more to an increase in current pricing opportunities, rather than their shifting to a firm belief in economic recovery being underway.
A look at the farther back futures contracts provides the explanation: All the back months are strongly higher than the nearbys
Rising cash or spot prices are influenced by future expectations; but today, with falling prices, we see a strong contango pattern, with back delivery month prices far higher than the nearbys
WTI contracts for delivery farther out in time are also higher than the nearbys
, with 2016 delivery at $92.27, again clearly indicating the market's expectations that the world's macroeconomy will strengthen within about two years or less.
However, all the more distant delivery contract months were priced above the nearbys
, indicating some confidence that future demand will again push prices upward.
The back crude contracts continued to lose against the nearbys
, inverting the forward curve once again and indicating that markets think any difficulties will not be with us in two to five years.
The back months also gained this week, but not as much as the nearbys
. WTI for delivery in 2015 closed the week at $142.08/bbl, a gain of $1.59.
Natural gas futures contract prices are in a backwardation pattern, with the back contracts lower priced than the nearbys
. The reason for this is not clear, since natural gas prices are, by all estimates, expected to increase over time.
The InterCommodity Exchange's benchmark Brent nearby
contract closed the week at $54.06, continuing a two-week trend of selling at a premium to either Dubai or New York benchmarks.