Oil markets showing some interesting moves this week. Brent's 12-month spread tightened up by $0.37—that's a solid 24% compression. The 6-month spread? Even more dramatic, squeezing $0.66 tighter, down 43% through December 5th.

Meanwhile, front-month contracts climbed modestly from $63.20 to $63.75, gaining $0.55 or about 1%. Not massive, but worth noting given the spread dynamics.

The contango flattening could signal shifting supply expectations or demand patterns ahead. Crude oil traders seem to be recalibrating their bets on near-term versus future deliveries. These spread movements often ripple through broader commodities markets and risk sentiment—something every macro-focused investor should keep an eye on right now.