While financial desks obsess over paper structures and Brent crude briefly flirted with contango, the broader market is missing the forest for the trees. Brent crude’s recent rebound from $71 to $79 a barrel is not merely a brief short-covering bounce; it is the first tremor of an underlying structural deficit. The financial side of the market has become completely decoupled from a complex, fragmenting physical reality. The real story isn't a long-term supply glut—it is an artificial, short-term distortion masking critically low inventories…
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