Upstream Analysis

WTI's $35 Curve Gap: What the Hormuz Backwardation Is Really Telling Upstream Operators

The forward curve shows a $35 gap between May and December WTI — a stark signal that markets are pricing Hormuz disruption now but betting on year-end resolution. For U.S. upstream operators, the calculus is more complicated.

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Massive frac completion operation at night — pump trucks, frac iron manifold, workers in PPE, Appalachian completion site

WTI's $35 Curve Gap: What the Hormuz Backwardation Is Really Telling Upstream Operators

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