The oil futures curve is in such an extreme backwardation that it suggests the oil market is very tight right now, despite Thursday’s move lower after Iran said that a possible nuclear deal was “closer than ever.” Brent oil prices fell early on Thursday to below the $93 mark, after Iran’s main negotiator, Ali Bagheri Kani, tweeted late on Wednesday: “After weeks of intensive talks, we are closer than ever to an agreement; nothing is agreed until everything is agreed, though.
Our negotiating partners need to be realistic,…Extreme Backwardation Suggests One Of The Tightest Oil Markets Ever
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