On the surface, things look good for oil producers. Global oil demand is set to grow at its fastest pace in three years and OPEC’s discipline in sticking to output cuts has been unprecedented. All of this should help offset booming U.S. production. But there are a few tell-tale signs in the oil market that paint a less rosy picture. After shrinking consistently for months, global oil stocks began rising again at the start of this year. But even before it became apparent that inventories had increased, the oil futures market flipped into a structure that usually reflects the perception that supply is greater than demand – known as contango, when current-month prices are weaker than forward prices. The International Energy […]