Trader’s Price-In Slowing Short-term Demand

Oil prices remain buoyed and continue to hover near the $70 per barrel level.  The term structure of crude oil has dropped by nearly 40% since the beginning of July, which tells traders that short-term demand is slowing. This comes despite near record levels of refinery operations, which continue to be buoyed by robust domestic demand for both gasoline and distillates.  Solid demand for products…