WTI crude futures curve steepened noticeably last week. The 12-month calendar spread exploded wider by $0.63—that's a 126% jump in just five trading days. Even the shorter 6-month spread widened $0.25, up 51%.

Meanwhile, front-month pricing climbed from $58.55 to $60.08, a modest $1.53 gain representing roughly 3% upside. The widening spreads signal shifting market expectations around supply-demand dynamics further out on the curve, while near-term strength reflects immediate tightness.

This kind of curve movement often hints at evolving sentiment in oil markets—traders pricing in different scenarios for production cuts, demand recovery, or inventory draws down the road.