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WTI Moves Into Sharp Backwardation

WTI Moves Into Sharp Backwardation

WTI has been on a surge since the end of the first quarter, up around 13%. However, has now moved into shape backwardation trading at $102.97 for September delivery, $101.76 for October delivery and $97.72 for January delivery. In addition, WTI’s rapid rise has not been matched by its counterparts despite the fact that some of them are likely to come from the same source: NY harbor RBOB: up less than 1% since March NY ULSD: down 3.1% since March Group 3…

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The Peak Oil Fallacy

The Peak Oil Fallacy

Back in the 1950s, M.King Hubbert, a geologist working for Shell, predicted that oil output from the lower 48 states of America would peak around 1970. Unfortunately, this did not prove to be true but it has lead to almost constant speculation about when the actual oil output around the world will reach its peak. However, it is now obvious that the brigade touting the date of peak oil, have gone the way of the flat earth society. Peak oil…

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