Market analysts note the oil futures curve inversion in certain delivery months, with front-month Brent outperforming Q1 2025 by nearly $1. Iraq To Restart Kurdistan Oil Exports on September 27 Briefly in 2024 and again in 2025, the price of WTI futures dipped into the fifties, levels not seen since 2021, pushing drilling economics into uncharted territory for the new, restructured shale industry. Since 2020, consolidation, ample revenues and a focus on returning capital to shareholders has changed the balance sheets and thus the hedging requirements and hedging appetite of the shale industry. A bullish outlook for oil and steep backwardation in the oil futures curve further discouraged producers from locking in prices that seemed too low. Institutional funds are monitoring the curve closely to adjust commodity equity weightings.
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