What the shape of the Brent forward curve says about its price outlook – MS

Apr. 29, 2025 2:26 PM ETBrent Futures (CO1:COM), , , , , , , By: Monica L. Correa, SA News Editor2 Comments
(2min)
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Morgan Stanley analysts have identified an unprecedented “smile” structure in Brent Crude’s (CO1:COM) forward curve, with backwardation in the first nine months and contango beyond, signaling conflicting market conditions.

“This curve shape has no historical precedent outside of

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