WTI curve rivals April peak while spot remains lower, Michael Kao notes

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WTI forward curve retains geopolitical premium

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23.07.2026

WTI curve rivals April peak while spot remains lower, Michael Kao notes — WTI forward curve retains geopolitical premium

Michael Kao, CIO at Akadia Capital, observes that today's WTI forward curve is as elevated as it was during the April peak, despite spot prices being over $20 lower.

He also notes that the forward curve is currently maintaining a higher geopolitical premium compared to April.

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Kao previously discussed the concept of Schrödinger’s oil price and quantum superposition as of July 2026. He has also analyzed oil price volatility linked to Hormuz unrest and divergence in the tech sector. These observations form part of his ongoing commentary on energy and market risks.

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