Why Oil Bulls Are Trapped in the Wrong Part of the Futures Curve

Oil prices just had their worst week in two years, with Brent crude falling over 8 percent despite geopolitical risk in the Middle East. Lucas and Luna break down what's really driving the selloff — and it's not the usual suspects. They look at the backwardation collapse in crude futures, the disconnect between physical barrels and paper contracts, and why the recent Iran ceasefire may have accelerated a structural shift in oil markets. With WTI below $88 and Brent below $92, the hosts ask whether the bull case for oil has fundamentally broken — or if the market is overreacting to a temporary demand scare. Key data points include the May 2026 crude futures curve moving from backwardation to near-flat, and the widening gap between diesel and gasoline cracks. A focused, numbers-driven episode for anyone trying to understand where oil goes from here. #OilPrices #CrudeOil #BrentCrude #WTICrude #FuturesCurve #Backwardation #CommoditiesTrading #EnergyMarkets #IranCeasefire #GeopoliticalRisk #OilDemand #RefineryMargins #DieselCrack #GasolineCrack #OilBears #EconomicIndicators #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo