请解释C选项

问题如下：

2. Based on Exhibit 1, Yamata should conclude that the:

选项：

A.

calendar spread for Brent crude oil is $3.97.

B.

Brent crude oil futures market is in backwardation.

C.

basis for the near-term Brent crude oil futures contract is $0.05 per barrel.

解释：

B is correct.

The Brent crude oil futures market is in a state of backwardation. Commodity futures markets are in a state of backwardation when the spot price is greater than the price of near-term (i.e., nearest-to-expiration) futures contracts and, correspondingly, the price of near-term futures contracts is greater than that of longer-term contracts. The calendar spread is the difference between the near-term futures contract price and the longer-term futures contract price, which is $73.64 – $73.59 = $0.05. The basis for the near-term Brent crude oil futures contract is the difference between the spot price and the near-term futures price: $77.56 – $73.64 = $3.92