Tweet: 2041244556218228831

Author: @i3_invest

Date: Mon Apr 06 20:00:01 +0000 2026

URL: https://x.com/i/status/2041244556218228831

Crude backwardation has reached extreme levels and suggests that at least a short term top is here.

I am still long USO with significant gains, but I am prepared to close the position at any time.

*Crude oil backwardation has been VERY reliable at identifying structural tops in oil. When near-term futures contracts exceed long-term by a large margin, it creates a spike in backwardation like this one.

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