Oil prices: Wild 2008 ends with mild contango

Spot prices finish the end very low, but what about the long end of the curve, where market practitioners reflect their medium term expectation of the oil buy / sell balance?

Some would say the curve is in deep contango (i.e. future prices are higher than the spot), reflecting a strong expectation that prices will resume their upward movement as soon as the crisis is less severe.

Does that mean more market players are convinced by peak oil?

The Top 10 Peak-Oil-Related Stories of 2008

1. The Global Recession
2. Price Volatility: Who Knew?
3. Falling Investment = Building the Big Boomerang
4. The IEA Changes its Stance (will U.S. EIA, CERA and Exxon-Mobil follow?)
5. The Campaign and the Elections
6. OPEC Cuts Production
7. The Large Exporters: from Boom to Busted
8. Shale Gas: Game Changer or Rope-a-Dope? [or “a mixed blessing”]
9. Food vs. Fuel Hit Pocketbooks Worldwide
10. Global Production Peaks, on the Production Plateau