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It is currently January 2011 and the futures price for June WTI crude oil is $90.75/bbl. The 6-month LIBOR is 1.45% p.a. and storage costs

"It is currently January 2011 and the futures price for June WTI crude oil is $90.75/bbl. The 6-month LIBOR is 1.45% p.a. and storage costs for crude is about 7% p.a. If the spot price is $92.50/bbl, what is the convenience yield implied by this? "

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