One-year price gap on Brent crude futures doubles in a month Rebalancing will be ‘messy’ as surplus lingers: Credit Suisse On the surface, the recovery of the global oil market is firmly in place, signaling an end to two years of oversupply and collapsing prices. However, one key indicator is warning of turbulence ahead. Crude’s rally stalled near $50 a barrel in the past month and the one-year price contango — where near-term deliveries are cheaper than those a year ahead — has almost doubled. That’s a signal that demand from refiners could be weakening. When the same thing happened last summer, a fragile oil rebound gave way to a renewed rout. “The market is in the process of rebalancing, but the overhang has not been wiped out yet,” said Amrita Sen, chief oil analyst at consultants Energy Aspects Ltd. in London. “This will undoubtedly be messy, with the […]