Oil Prices Climb Out of Contango as Summer Demand Kicks In

1. Summer Demand Finally Kicks In, Lifting Oil Prices Out of Contango - The summer rally of the oil markets might finally materialize as ICE Brent crept up to $85 per barrel, even higher than it was before the OPEC+ meeting, and contango in the North Sea paper market disappeared. - The unwinding of bearish bets on crude oil and robust physical trading have buoyed European sentiment, with Brent contracts for difference (CFDs) now swinging into backwardation with the W1-W6 spread now at almost $2 per barrel. - Hurricanes have been the biggest…