[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-563283-105":53,"doc-detail-563283-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","oil-futures-forward-curves-economics-explained","Oil Futures Forward Curves - Economics Explained","","ICE (LS) Gasoil Markets Forum material explains how oil futures forward curves are formed and why their shape matters for market participants. It links forward-curve behavior to underlying economics, emphasizing contango and backwardation, the persistence of curve shape, and connections between crude and refined products. The content analyzes relevance for physical traders, tank storage companies, and futures traders, and introduces time spreads as a way to observe dynamics across consecutive contract months.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":11,"@type":70,"position":76},"https://docshare.wps.com/template/presentations/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/oil-futures-forward-curves-economics-explained/563283/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/oil-futures-forward-curves-economics-explained/563283.png","ImageObject",442,249,{"name":88,"@type":89},"Olivia Brown","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-24","2026-10-12",true,{"@type":98,"interactionType":99,"userInteractionCount":47},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What are oil futures forward curves and why are they important?","Question",{"text":108,"@type":109},"Oil futures forward curves show how futures prices vary across contract months. Their shape is important because it reflects market economics and helps different players manage hedging, inventory, and trading decisions.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How do contango and backwardation affect the curve?",{"text":113,"@type":109},"Contango corresponds to an upward-sloping curve, while backwardation corresponds to a downward-sloping curve. These patterns also influence how demand for storage capacity and product availability is interpreted.",{"name":115,"@type":106,"acceptedAnswer":116},"What is a time spread and how is it used here?",{"text":117,"@type":109},"A time spread is the price differential between two consecutive futures contracts. The material uses it to examine the dynamics of forward curves while highlighting that curve shape remains persistent.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},563283,1792316372,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":8,"category_name":11,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":47,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":20},16904993612988,"https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd","ICE (LS) Gasoil Markets Forum  \nOil futures forward curves:  \neconomics explained  \n[www.pjk-international.com](www.pjk-international.com)[ ](www.pjk-international.com)[www.enfx.net](www.enfx.net)  \nOil futures forward curves  \n• ir. Patrick Kulsen, MSc. B.  \nMail: [patrick.kulsen@pjk-international.com](patrick.kulsen@pjk-international.com)  \n[Tel:](Tel:) +31-(0)76-7676 325  \n• Managing Director @ PJK International B.V.  \n• PJK International:  \n‘Market research company specialized in NWE oil markets’  \n– ARA / Rhine barge freight rates  \n– ARA oil product stocks  \n– Market analysis reports  \n– Consultancy & Quant research  \n– Freight Control App  \nContents  \n1. Forward curves in focus  \n2. Economics of forward curves  \n3. Relevance of ARA gasoil stocks for ICE gasoil forward curve  \n4. ICE gasoil & Brent forward curves: analysis of recent developments  \nForward curves in focus (1)  \nOil futures forward curves??  \nFutures prices on Nov. 11th 2012 at 14:14 CET:  \nForward curves in focus (2)  \nWhat do we know about forward curves….  \n….. and why is this important?  \n• Relevance for various market players  \n• Stylized facts of oil forward curves  \nForward curves in focus (3)  \nRelevance for various market players:  \n1. Physical traders:  \n– Physical differentials (Gasoil 0.1% barges fob ARA)  \n– Basis risk of hedge using derivatives (futures / swaps)  \n– Inventory management: max. inventory or JIT  \n– Availability of product / storage capacity  \n2. Tank storage companies:  \n– Demand for tank capacity is linked to shape  \n• Contango: much demand  \n• Backwardation: little demand  \n3. Futures traders:  \n– Speculative spread trading  \nForward curves in focus (4)  \nStylized facts of oil forward curves:  \nMost important:  \n1. Shape of curve:  \n– Upwards sloping (contango) or  \n– Downwards sloping (backwardation)  \n2. Shape is persistent and fairly independent of daily swings in futures prices  \n3. Crude and oil products forward curves are linked  \nForward curves in focus (5)  \nStylized facts of oil forward curves:  \n1. Slope of curve: contango / backwardation  \nForward curves in focus (6)  \nStylized facts of oil forward curves:  \n2. Shape is persistent and fairly independent of daily swings in oil prices  \n􀃆 look at time spreads to see dynamics  \n􀃆 Time spread = price differential between two consecutive futures contracts  \nTime spread  \nFeb.– Mar. 2013  \nForward curves in focus (7)  \nDynamics of time spreads:  \nShape is persistent:  \n2  \n1  \nLong period of:  \n• Contango (1)  \n• Backwardation (2)","cbCaioRAntqTc69Q","https://ap.wps.com/l/cbCaioRAntqTc69Q","pdf",1588123,39,"English","# Forward curves in focus\n# Economics of forward curves\n# Relevance of ARA gasoil stocks for ICE gasoil forward curve\n# ICE gasoil & Brent forward curves: analysis of recent developments\n## Relevance for various market players\n## Stylized facts of oil forward curves\n## Dynamics of time spreads","[{\"question\":\"What are oil futures forward curves and why are they important?\",\"answer\":\"Oil futures forward curves show how futures prices vary across contract months. Their shape is important because it reflects market economics and helps different players manage hedging, inventory, and trading decisions.\"},{\"question\":\"How do contango and backwardation affect the curve?\",\"answer\":\"Contango corresponds to an upward-sloping curve, while backwardation corresponds to a downward-sloping curve. These patterns also influence how demand for storage capacity and product availability is interpreted.\"},{\"question\":\"What is a time spread and how is it used here?\",\"answer\":\"A time spread is the price differential between two consecutive futures contracts. The material uses it to examine the dynamics of forward curves while highlighting that curve shape remains persistent.\"}]","Oil Futures Forward Curves - Economics Explained | PDF",1791826453]