The spot-month crude oil contract extended the market’s major (long-term) uptrend during January, hitting a high of $88.84. This was the highest price posted since the October 2014 peak of 92.96. Crude oil continues to be supported by long-term bullish fundamentals, illustrated the strengthening inverse (backwardation) in its forward curve. The second chart on the website is tough to read, but the latest forward curve is the upper line with the December 31, 2021 forward curve the lower line. Not only have futures posted a substantial rally, but the backwardation steepened during January. Until this changes it will be difficult for crude oil, and corresponding other markets (RBOB gasoline, distillates, etc.) to post a significant break.