Burginvest

Prompt Spread

プロンプトスプレッド Forward Curve ✓ Verified Citations Market Practitioner Term
<Definition> In energy futures and physical markets, this refers to the price difference (time spread) between the nearest expiring contract month (the prompt month, or first-month contract) and the immediately following contract month (the second-month contract). Within the futures curve, it tends to be closely watched in practice as an indicator that readily reflects the tightness of the near-term physical supply-demand balance and inventory trends.
Prompt spread definition diagramDiagram showing only the price difference between the first- and second-month contracts within the broader forward curve Price First month (prompt month) Second month Deferred months (further out) Prompt Spread
日本語
<定義> エネルギー先物・現物市場において、最も受け渡し期日が近い当月限(プロンプト月/第1限月)とその直後に位置する翌月限(第2限月)との間の価格差(タイム・スプレッド)を指す。先物カーブの中でも、足元の現物需給の逼迫度や在庫の動向を反映しやすい指標として、実務上重視される傾向がある。

<Mechanism>

Mechanism of prompt spread movements (overview)Causal structure in which the immediate physical balance branches into a positive spread and a negative spread Physical balance Immediate Physical Balance Supply tightens End-users buy immediately Positive spread Backwardation-type (premium) Supply surplus Pressure on storage Negative spread Contango-type (holding cost)

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