When it comes to that key commodity oil, there are three main features of the market to watch alongside the price: namely, the spread between WTI and Brent and the shape of the two futures curves. Visible inventory levels provide the main and most frequent ‘fundamental’ data we have (though these are not always straightforward to interpret ) while the (delayed) weekly insight into futures positioning gives us another excuse to read the runes. [First Published May 29th] Continue reading …