While the headlines have been dominated by the devastation wrought by Hurricane Harvey, oil traders have quietly become more bullish, or at least less bearish, about 2018. Brent calendar spreads have resumed their steady march from contango towards backwardation as Texas refineries resume operations after shutting down during the storm. Brent spreads from November to December and December to January are now trading in small backwardations while inter-month spreads for the rest of 2018 are close to flat ( http://tmsnrt.rs/2vOJ0FS ). The calendar spread for the whole of the first six months has moved into backwardation for the first time since oil prices started […]