Tag: Backwardation

  • Reinforcing Feedbacks, Time Spreads and Oil Prices

    By: Bassam Fattouh

    While the media often focuses on the sharp swings in oil price, there have been some interesting reinforcing feedbacks unfolding in the term structure of oil prices affecting the international pricing system, financial investment, inventories and OPEC behaviour. These feedbacks are not new to the oil market, but the current environment seems to have amplified […]

  • Basis Variation and the Role of Inventories: Evidence from the Crude Oil Market

    By: Bassam Fattouh

    Understanding the variation in the spread between the futures price and the spot price (known as the basis) is important for efficient hedging and for explaining the dynamics of commodity spot prices. Classical studies based on the theory of storage explain the variation in the basis in terms of changes in the fundamentals of supply […]

  • Contango Lessons

    By: Bassam Fattouh

    One striking feature in the current market has been the prolonged contango in the WTI forward curve. Dr Bassam Fattouh assesses the various explanations that have been put forward to explain the current contango in crude oil markets.

  • The Oil Price Crisis of 1998

    By: Robert Mabro

    Oil prices have fallen since the end of November 1997 well below a level of $18 per barrel for dated Brent which petroleum-exporting countries and oil companies have been recently inclined to consider as a kind of acceptable norm. The fall in price has elicited rather speedily a producers’ response which involved both OPEC and […]

  • The Brent Market: An Analysis of Recent Developments

    By: OIES

    The recent history of the informal market f o r North Sea Brent blend has been of great interest to those studying commodity markets in general and the oil market in particular .  Two aspects of this market gives it this important position.  First, the very rapid growth inactivity in the Brent market means that […]

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