(Bloomberg) -- The oil market is starting to emulate the flowing locks of Andre Agassi at the 1987 Wimbledon Championships, or Billy Ray Cyrus in the Achy Breaky Heart era. The futures curve for West Texas Intermediate crude has developed into a “mullet-like structure,” RBC Capital Markets LLC analysts including Mike Tran said in a note. Near-term contango shows a market that is still oversupplied, while the backwardated portion of the curve shows that long-dated futures have been driven down by shale producer hedging, according to RBC.
To contact the reporter on this story: Dan Murtaugh in Singapore at dmurtaugh@bloomberg.net.
To contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Ben Sharples, Sungwoo Park
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
