Crude Oil Term Structure Points to Strong Demand

While crude oil prices are trading sideways in a relatively tight range between $59 and $54 per barrel, the term structure of crude oil prices shows that traders believe the the outlook continues to remain upbeat. With OPEC extending their output cuts to the end of 2019, expectations that U.S. production will be able to offset imports is not priced into the markets. In fact, the term structure is saying the current…