Oil swung between gains and losses as traders weigh the ongoing impact of a global energy crunch and dwindling inventories at a key U.S. storage hub. Front-month futures in New York traded below $83, paring an earlier drop as the dollar cooled. While headline prices have been volatile over the last two sessions, the market’s structure has surged with the energy crisis leading to crude stockpiles at the key U.S. storage of Cushing rapidly draining to near critically low levels. One key physical market gauge, the so-called cash roll, surged to its strongest level since 2018. The rise is one of a number of signs this week that traders are pricing increasingly tight supplies at the vital U.S. hub. Oil rallied to the highest level since 2014 this week as the energy crunch — prompted by coal and natural gas shortages — coincided with an economic recovery from the […]