The Federal Reserve Bank of Dallas released its monthly report of energy-related economics, based on the bank's September data.
Dallas Fed: Backwardation for Brent
“The Brent futures curve went into backwardation (downward sloping) through year-end 2019 on Sept. 25, 2017, a shift in the shape of the curve compared with the end of June when it was fully in contango (upward sloping) (Chart 3).

“An oil futures curve in backwardation can be seen as a sign of demand in the near-term outpacing supply, with higher near-term prices incentivizi...

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