The major (long-term) trend of crude oil remains up. The spot-month contract posted a high of $100.54 during February, the first time above $100 since July 2014, and is quickly moving back toward its high Tuesday, March 1. Of course much of the buying is tied to the situation in Ukraine, with global traders waiting for sanctions to be placed on Russian oil and gas, but there has been a long-term fundamental situation at play for months. Recall previous discussions about the market’s inverted forward curve. The end of February (blue line, second chart) shows this inverse (backwardation) has continued to strengthen when compared to the end of January (gold line), December 2021 (black line), and November 2021 (red line). The market is fundamentally bullish, and not looking to change any time soon.