Brent Crude Backwardation Remains but Long-dated Prices Rising

Forward curve of Brent crude has been trading in backwardation since the beginning of the year. Indeed, this benchmark has been maintaining in this term structure from 2011. We believe the key reason is that inventory in ex-US OECD countries has remained low while the long-term cost of oil extraction has been high (around US$70-90/bbl for investment in Canadian sands and US shale).

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Brent Crude Backwardation Remains but Long-dated Prices Rising