Scarcity value

摘要

Oil markets are tightening,reflecting Opec's firm grip on supply.Crude prices are close to last year's all-time high.Brent is now in backwardation and the WTI forward curve is flattening as refiners start to the feel the pinch (seep2).But Opec still insists that there is no need to boost output,blaming downstream problems,international tension and fund speculation for the latest surge in prices.