Oil prices are unchanged this morning, after falling on Friday, as the October WTI futures contract expired. And it expired in very weak fashion; sinking below the November futures contract in price, end a long period of backwardation. The decline in crude oil inventories at the Cushing, OK delivery point was thought to be sufficient to cause a squeeze or even a delivery failure against the expiring positions, but that did not happen. In fact, there appears to be ample crude oil in place to meet the delivery requirement.
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