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Estoy tratando de entender el contango y el backwardation en los futuros de WTI, específicamente cómo los traders usan esa información más allá de solo conocer la estructura del mercado. ¿Ustedes realmente operan spreads o solo lo usan como confirmación de sesgo direccional?
It's definitely used for both. Beyond just confirming directional bias, a lot of traders will absolutely structure spreads to capitalize on contango or backwardation, either calendar spreads or even more complex inter-commodity spreads if other related products are misaligned.
For many, it's primarily about spread trading, specifically calendar spreads. If you believe the market is overstating future demand or supply, you can profit from the shape of the curve correcting. Directional bias is a component, but the curve's shape itself offers more nuanced opportunities.
It's funny, every 'newbie' asks this. Many are indeed trading spreads – the ol' roll yield – but some certainly use it as a directional hint. If the market's paying you to hold, it's probably feeling pretty good about the future, right?
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