Flattening Contango Points to Higher Oil Prices

The supply and demand balance continues to be debated, as rig count continue to decline in both the U.S. and abroad.  While demand is expected to rise according to the latest EIA international energy outlook, so is supply unless outages hamper producer’s ability to provide ample petroleum.  Production in the U.S. has dropped as rig counts have dropped from a high 2-years ago above 1,800 down to 415 as of May…