Extreme Backwardation Suggests One Of The Tightest Oil Markets Ever

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,…