This tendency has been especially pronounced for oil. Although the recent price of light sweet crude oil is only a bit above the highs of last October, overall market prices of recent weeks, in fact, have been much more elevated. The prices of heavier, sour grades, which make up a significant part of the world production mix, are notably higher than in October.
Dubai crude for instance, at yesterday's close, sold for more than $ per barrel above its October price level. Moreover, although the price of six-year futures for light sweet crude did not match the overall run-up of oil prices last fall, in recent weeks it has largely kept pace with spot prices, leading to record levels for contracts maturing in 2011.