What are usual characteristics of futures-cash spread of WTI crude oil ? does anyone have 1 day picture of such spread (spot vs front month contract) ? just to see how volatile it is and what are the absolute variations from mean. is it pennies or less or more? otherwise - what is Bloomberg symbol for WTI crude spot prices? I cant find it.
There are various prices here which should help provide an idea of what the basis can be: http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm But I think the key to the physical market is what your 'spot' price/costs are. To your question, yes the spread can be much more than just pennies. hth.
thanks Water am trying the symbol.. Great - I saw those prices at EIA but its actually highlights the question I am trying to resolve.. I do not expect much of variation to be on the Close to Close prices between spot and futures. What I am trying to find out - how far speculations on futures can pull futures prices away from spot.. I understand that high level speculators probably active on the both markets so there cant be much of difference but still would like to see intraday spread chart.. please note i am not going to arb it i just want clarity...
I don't think you will find a public, published price for immediate assessments of WTI at Cushing, Midland or Clovelly. Platts assesses a myriad of crudes in the Mid Continent and US Gulf coast, however subscriptions to their services run in the $20k+ range.
Here is the EIA spot data vs. Nymex front month settlements. Not as granular as intraday, but it should give you an idea. I haven't checked the dates so you may need to synch this.