Why aren’t more people talking about this? It’s a huge development and nary a peep anywhere. The mainstream media is filled with baited expectations for 3% wage growth on Payroll Friday. All eyes are on the labor market, which is a lagging indication, instead of on the oil market, which is forward looking. As of this writing, the futures curve for WTI has expanded this current selloff. The level of alarming contango has continued to widen, in both amplitude as well as frequency, in just the past few days. The question at the front was rhetorical. The reason everyone wishes to focus on the labor report is obvious. The wage data in particular outwardly though misleadingly conforms to the idea of an economic boom, at least in the US. The crude market isn’t just saying “wait a minute”, it completely refutes that very thing. Furthermore, the oil curve had […]