By Georgina McCartney

HOUSTON (Reuters) -Front-month U.S. crude oil futures ended Monday’s trading at their smallest premium since January 2024 over the seventh-month contract, as OPEC+ ramps up supply while seasonal refinery maintenance in the U.S. pressures demand for prompt barrels.

Narrowing backwardation, the market term for immediate deliveries fetching a premium over later deliveries, suggests investors are making less money selling their oil in the spot market because near-term supply is perceived to be ample.

A reversal of the spread from a premium to a discount would put U.S. oil futures in a contango for the first time since last January.

WTI crude futures for November delivery settled at $59.49 per barrel on Monday, while the May 2026 contract settled at $59.02 per barrel,

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