The views expressed are his own.) Pump Jacks are seen at sunrise near Bakersfield, California October 14, 2014. Brent calendar spreads have risen significantly over the last week, erasing an earlier decline and indicating traders have become more bullish about the outlook for the oil market later this year. The Brent calendar spread for the second half of 2018, which measures the difference in price between futures for delivery in June and December, has climbed to more than $2.50 per barrel from $1.65 on March 13. Calendar spreads reflect expectations about the balance between supply and demand in the physical market, and are seen by many traders and investors as a more useful signal than spot prices. The relationship between spreads and inventories was identified by economist Holbrook Working in the grain market (“Price […]