# The oil market just did something it hasn’t done for nearly three years

> The six-month WTI calendar spread moved from contango into backwardation for the first time since November 2014, where the nearby contract trades above later delivery months. Oil prices had risen for four consecutive months, and improved OPEC compliance was cited as a driver. The shift signals growing immediate demand as inventories shrink.

- Date: 2017-11-01 · published 2017-11-01T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/68170-the-oil-market-just-did-something-it-hasn-t-done-for-nearly-three-years
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Backwardation signals a tightening market and supports nearby crude prices. Firmer energy prices raise input costs for feed production and transport.

## Read by commodity

- WTI: bullish ▲

## Sources

- cnbc.com: https://www.cnbc.com/2017/11/01/wti-oil-market-spread-hits-backwardation-for-first-time-since-2014.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.