ConocoPhillips CEO Predicts Oil Market Shift to Contango

ConocoPhillips CEO Ryan Lance anticipates a shift in the oil market towards contango, a scenario where future oil prices exceed those of near-term deliveries. Bloomberg posted on X, highlighting Lance's perspective on the evolving dynamics of oil pricing. This market condition suggests that traders expect higher prices for oil in the coming months compared to immediate deliveries, indicating potential changes in supply and demand factors. Lance's insights reflect broader industry expectations and could influence trading strategies and market forecasts.