Mixed Signals About Oil’s Further Upside Potential

摘要

Brent crude futures seem to be locked in around the $50 per barrel mark for the time being amid conflicting signals about the potential for further upside in early 2021. Brent’s forward price curve has been flipping in and out of backwardation recently, indicating that despite inventory draws in the fourth quarter, this has not yet let to a widely shared perception that the market has tightened.