Whoa, as everyone's been saying. It's basically all about the financial crisis, though no one seems exactly sure as to how it should affect the oil market.
For the beginning of the 7 trading days, it looked like the euro and light sweet crude were going in completely opposite directions, and in lockstep at the end.
No longer in perfect contango. Spot is getting more expensive as the contract heads towards expiry. Overall differentials still narrowing.