Oil ‘backwardation’ a key test for sentiment:
"Oil trader sentiment hangs in the balance, and while fears of another collapse in the price are contained, the odds of a further move to take it significantly higher than $50 a barrel appear slim. A stream of positive data showing shrinking US oil stockpiles and stronger than expected demand in the summer months have bolstered the market and stoked a rebound in prices since July. Now, as oil market watchers focus on the spot price they are also monitoring contracts for delivery in months to come for signals about how supply and demand is playing out."
'via Blog this'
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