The Crude Oil Term Structure is Very Bullish for Prices

Crude remains buoyed as June ends hitting a 3-year high near $74 per barrel.  Supply concern remains the driver, as Canada output shrinks due to a Syncrude outage, and as Libya cuts exports as militia takes control of eastern ports. The Syncrude outage as squeezed the term structure pushing prices of prompt crude oil way above deferred.  

On top of that, U.S. pressure on Iran, where…