By Blu Putnam, Chief Economist, CME Group
Spot oil prices are expected to remain higher than futures further out along the maturity curve amid the simmering tension in the Middle East over Iran.
- Spot oil prices to remain high due to Mideast risk premium
- Futures to be in backwardation until Mideast tension eases
- U.S. shale producers set to expand production in 2018, 2019