Mike McGlone: WTI crude faces steep backwardation as price peaks

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17.05.2026

Mike McGlone: WTI crude faces steep backwardation as price peaks — WTI crude sees historic backwardation peak

Mike McGlone highlights that steep backwardation in crude oil markets often marks price peaks, citing the one-year-back WTI crude oil future trading at about $77 a barrel on May 15. According to McGlone, the recent surge in front-month prices compared to further-out contracts has reached an all-time extreme for crude futures.

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McGlone recently flagged hedge funds' most optimistic grain futures positions since June 2022, with 17% net-long exposure raising liquidation risks. He has also suggested the Bloomberg Energy Spot Subindex may have peaked in 2026 near 500. These previous signals track McGlone’s focus on positioning and potential reversals across commodity markets.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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