The U.S. oil market is tightening as commercial crude inventories are declining at a fast clip and driving wider time spreads in the WTI Crude futures curve. The curve is strengthening into backwardation, the state of the market signaling tighter supplies with the prices of the nearer futures contracts higher than those further out in time.
The premium of the nearest contract to those for later delivery has been widening in recent days, suggesting that immediate supply is tightening. The spread between the cash WTI and the November contract, for…U.S. Crude Oil Inventories Are Drawing Very Fast
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