The oil futures curve is in such extreme backwardation that it suggests the oil market is very tight at the moment, despite Thursday’s move lower after Iran said a potential nuclear deal was “closer than ever.” .

Brent Oil Prices fell early Thursday below $93 after Iran’s chief negotiator, Ali Bagheri Kani tweeted late Wednesday:

“After weeks of intensive talks, we are closer than ever to an agreement; nothing is agreed until everything is agreed…