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Financial Markets: Backwardation Consolidates on Ida Impact

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Traders’ views in the paper market have been torn between the possible development of new Covid-19 variants and the higher risk of inflation associated with an economic rebound. But since late August, bets on higher prices from banks and funds have risen — and so did the price for crude and products. Refiners starting their semi-annual turnarounds create weakness to the physical crude spot market -- even though term cargoes are already looking at November loadings, which arrive when most maintenance is done. Softer physicals can weaken the price of front-month crude futures, and narrow the prompt premiums over later supplies.

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