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Oil’s Futures Curve Signals Renewed Supply Risk | Presented by CME Group
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July 22, 2026
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1:28Now PlayingCrude oil usually trades in contango, with later-dated futures priced above near-term contracts. But renewed tensions around the Strait of Hormuz, low inventories and the threat of supply disruptions have pushed the curve back into backwardation, creating a hefty premium for near-term oil. Presented by @cmegroup
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