Has Crude Oil Peaked? Extreme Backwardation Leans that Way Crude oil reached a historic backwardation extreme in 1Q, which typically marks price peaks. Reflecting financing and storage costs, contango is normal in commodities, when further-out futures -- the backs -- trade at higher prices. However, backwardation has become common in crude for almost a decade, reflecting increasing US supply surpluses. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tf2mh9kgctkv {BI COMD} #crudeoil #futures @BBGIntelligence(Mike McGlone)