Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, in this January 25, 2016 file photo. Oil investors are piling into front month Brent crude, pushing it to a rare premium over forward prices as they bet on tightening supplies due to demand from Korea, loading delays in Iraq, and North Sea maintenance. “The market is in the process of realizing that there’s a change in the fundamentals this year,” said Ann-Louise Hittle, lead oil market analyst at Wood MacKenzie. Brent and benchmark U.S. crude have both been locked in a structure known as contango, in which forward months are at a premium to the prompt month. The prompt Brent spread flipped out of contango and into backwardation on April 7 for the first time in three months. On Wednesday, Brent for June traded […]