ConocoPhillips CEO Predicts Shift to Contango in Oil Market
ByAinvest
Tuesday, Mar 24, 2026 11:44 am ET1min read
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ConocoPhillips CEO Ryan Lance expects the oil market to transition into contango, where prices for delivery next month or later are higher than near-term barrels. This typically signals bearish demand and ample supplies. Currently, the US crude benchmark contract is in backwardation, which is bullish. Lance's prediction was made during a fireside chat at the CERAWeek conference in Houston.
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