Oil Market Signal Turns Bullish for 1st Time Since Crash
Forward prices for crude oil are signaling tightening supply for the first time since the market crashed in 2014. The price difference for Brent for immediate delivery and the one-year forward flipped to a premium on Tuesday for the first time in about 2 1/2 years, according to data from ICE Futures Europe. The switch into what’s known as backwardation reflects a short-term tightening in supply, as well as producers selling later contracts to lock in future revenue, according to Nick Williams, a commodity futures broker at GF Financial Markets in London.
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