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Crude oil inventories in the United States fell this week by 2.428 million barrels for the week ending June 7, according to The American Petroleum Institute (API), after analysts had forecast a 1.75 million barrel draw. For the week prior, the API reported a surprise 4.052 million barrel build in crude inventories. On Tuesday, the Department of Energy (DoE) ...
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When talking about the structure of the forward curve in the WTI futures market, there are two market terms traders should be familiar with. 1) Contango, when the forward price of a futures contract is higher than the spot price. 2) Backwardation, when the forward price of the futures contract is lower than the spot price. An oil lesson with Bob Iaccino ...