Spot oil prices, now just above $50 a barrel, usually attract all the attention. Recently, however, the price movements in some far forward contracts have been more dramatic, with prices hovering at a five-month high of about $80 a barrel. Take the West Texas Intermediate contract for delivery in December 2015, a relatively liquid future used as a proxy for long-term prices, which closed last week at $79.8 a barrel, the same level as 18 months ago. Spot prices, meanwhile, are at levels of four years ago.
现货石油价格(目前仅略高于每桶50美元)往往会吸引所有的注意力。但最近,一些超远期合约的价格走势更为引人瞩目,价格在每桶80美元的5个月高点附近徘徊。举例而言,2015年12月交割的西德克萨斯中质油(WTI)合约是一种流动性相对较强的合约,被视为长期价格的代表,该合约上周收于每桶79.8美元,与18个月前处于同等水平。与此同时,现货价格则处在4年前的水平。