SeekingAlpha  Feb 7  Comment 
Forbes  Oct 26  Comment 
The futures market is moving close to backwardation, which is a better indicator of the market balance than the (delayed and partial) inventory data.
Financial Times  Aug 15  Comment 
Stronger demand and shrinking stockpiles give hope to crude bulls


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Backwardation means the price of a commodity for delivery at a future date is significantly lower than the current or "spot" price. This is an unusual condition, as a rational buyer will usually refuse to pay a higher price today if he is guaranteed a lower price tomorrow.

When it occurs, backwardation is usually the result of shortages.

The opposite of backwardation is Contango

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