The increases suggest traders expect oil to remain expensive for longer than they anticipated just weeks ago, although futures prices are not guarantees of what crude will cost when those contracts expire Patrick T. Fallon/AFP via Getty Images Oil traders are increasingly betting that high energy costs will persist well into 2027, with crude futures for delivery next year rising sharply since September as the Middle East war disrupts global supplies.
West Texas Intermediate futures for January 2027 delivery reached $97.10 a barrel this week. June contracts have jumped 18% to around $88, while December futures have climbed 13% to about $81, according to FactSet market data.
The increases suggest traders expect oil to remain expensive for longer than they anticipated just weeks ago, although futures prices are not guarantees of what crude will cost when those contracts expire.
The latest figures from the International Energy Agency show the extent of the pressure on global supplies. Oil inventories were 509 million barrels below their prewar levels at the end of September, with onshore stocks falling by 113 million barrels during the month. An increase in oil held aboard ships partly...