Were you awake thru aug, while price surged to 78 and sa steadily cut production, and stubbornly continued to cut up to nov, when opec provided a fig leaf for an apparently reluctant sa to enact more cuts?

You could have bought dec o06 futures for $20 on 2002. Shows how much the market anticipates the future. The only change has been that long dated futures are now above the spot price.