Brent has pushed on to fresh year-to-date highs above $95/bbl, as concerns surrounding tight crude supplies continue to dominate oil markets. Technical factors have contributed to recent strength. Hedge funds have continued to pour into the energy complex, motivated by the tightening supply/demand conditions. Speculative futures long positions on the ICE and COMEX exchanges have risen by 27,000 positions last week. The Brent Dec 23/Dec 24 spread, a key benchmark for forward curve sentiment, has risen to almost $10.0/bbl, up from $3.75/bbl on 24th August. The curve is seeing its greatest backwardation level (when the ... (full story)