The oil price rally has reversed again after reports emerged that OPEC’s biggest oil producer, Saudi Arabia, is rumored to be looking to accelerate the process of unwinding its oil production cuts. The Brent forward curve has taken a circuitous path in September, going from significant backwardation at the end of August to flat on 10 September; this has been followed by a gradual recovery and steepening up to 24 September and then another flattening. The oil futures markets continue to be strongly bearish: 3 days ago, the Wall Street…
