Oil prices tell us that the industry has undergone a series of brutal shocks in the past four years.Ignore the front of the curve - long-dated crude prices reveal expectations that a constrained market is here to stay.The front of the curve - up to three months out - is anchored by physical reality,the time it takes to move oil from fields in the Mideast Gulf to refineries and finally to consumers.This is the industry's operational horizon.Further out lies its evolving structure.
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