Wednesday brought a fresh six-year low for crude oil prices in New York as investors maintained a watchful-eye over ample supplies. IB Traders’ Insight contributor Rareview Macro (Sight Beyond Sight: Evaluating crude oil) noted ahead of weekly supply data that perhaps, just perhaps, the overwhelming consensus amongst a bearish herd was sufficient to start thinking about buying a barrel of oil. Refiners, said Neil Azous at Rareview, should increase production as a result of the unusually large number of refinery shutdowns and so slowing inventory growth. Azous also noted the steep contango in the nearby futures contracts caused by a jump in onshore storage activity. That made me look at the overall term structure across the entire maturity horizon. In the following chart the lowest red line depicts the current price curve for crude oil and compares to the rebound at the start of March (yellow dots). And then I added in the curve at the prior end-January low. Noticeable here is that current prices for contracts expiring 2017-19, which are at least $2.00 per barrel lower when those expiring at the start of 2016 are only pennies lower than when prices last reached year-to-date lows.