关于basis

问题如下：

Nabli and Yamata then discuss potential new investments in the energy sector. They review Brent crude oil futures data, which are presented in Exhibit 1.

Based on Exhibit 1, Yamata should conclude that the:

选项：

A.calendar spread for Brent crude oil is $3.97. B.Brent crude oil futures market is in backwardation. C.basis for the near-term Brent crude oil futures contract is $0.05 per barrel.

解释：

The Brent crude oil futures market is in a state of backwardation. Commodity futures markets are in a state of backwardation when the spot price is greater than the price of near-term (i.e., nearest-to-expiration) futures contracts and, correspondingly, the price of near-term futures contracts is greater than that of longer-term contracts. The calendar spread is the difference between the near-term futures contract price and the longer-term futures contract price, which is $73.64 – $73.59 = $0.05. The basis for the near-term Brent crude oil futures contract is the difference between the spot price and the near-term futures price: $77.56 – $73.59 = $3.97.