April 8, 2002; Six-Year Futures Pause

Six-year oil price receded 2% to $22.49 from $23.05.  Six-year natural gas price receded 3% to $3.63 from $3.76 in the period ended April 4 (see Chart).  By continuing to advance, one-year oil increased its backwardation.  One-year natural gas has practically eliminated its contango pattern.