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Bloomberg reports that OPEC's production cuts have made oil speculators the most bullish in a decade. Short-term crude prices have risen above later-dated contracts for the first time in two years as cuts drain bloated inventories.
Tightening near-term supply and a shift into backwardation support crude prices, which feed into energy costs for feed production, transport and fertilizer.
bloomberg.comGrant SmithFeb 2, 2017Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
