The Negative Feedback Loop Dynamic in Oil

I remember doing a study back then at all the different Contango to backwardation flips over the last, I don't know, 25, 30 years and found that in something like seven out of 11 times, it produced much, much higher forward, sorry, future spot prices. So it was a very interesting signal. And the four times where it failed were exogenous circumstances. Like, you know, the most recent being what I call the Comp Run Pool of 2018. But I'm not a permable or a perma bear. I think you have to adapt your at least shorter term trading views as things change.

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