Publications: Notes at the Margin

A Difference of Texas Dimensions (June 2, 2015)


Readers of this publication have no doubt noticed our focus on the seeming discrepancy between global supply-and-demand projections and oil price behavior. The forecasts predict a very large increase in global stocks. Ordinarily, this would be reflected in greater market contango. However, as we have written repeatedly, the contango has vanished. In this special update edition, we identify and discuss a possible source for this conundrum. Please use the link below to view or download the report.


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