If OPEC hopes to speed up the rebalancing of the oil market by announcing a production-limiting plan, someone should tell the futures market. Front-month futures have risen sharply in recent days amid rising expectations OPEC will reach some sort of agreement by the next ministerial meeting on Nov. 30. Front-month Brent is up by around $5 per barrel, or more than 10 percent, from its recent low on Nov. 14, amid positive chatter from oil ministers and officials. Much of the rise in prices appears to be the result of a classic short-covering rally as hedge funds close out some of the large short positions they established over the previous three weeks. But the sudden strengthening of spot prices is at odds with the continued weakness evident in the futures price curve ( tmsnrt.rs/2fNEnCG ). The futures strip remains mired in contango and shows none of the strength that […]