Middle East Economic Survey
VOL. XLVII
No 48
29-November-2004
OIL PRICES
Price Contango Indicates Oil Over-Supply, Says SG
The differential between front-month IPE Brent and the third nearby contract is an excellent measure of the oil markets strength, and shows rapid erosion from 27 October onwards with a deepening contango beginning on 5 November, according to Société Générale (SG). In the Weekly Oils report of 22 November, SG Economists Deborah White and Alexandre Kervinio observe: The contango...
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