Excellent article...I have been wondering when there would be a guest post on the signals from the forward oil curve. The only thing that has stopped me from sinking $50,000 into long dated contracts (or better yet, options on those said contracts) has been the fear of the margin call on a short term spike down.

The curve is not in perfect contango, so there is still some arb. cap beyond 2009....

The floor was back at the beginning of the year and even now it can pop down to $60, but with spring/summer coming and the market moving down gradually, shit hitting the fan won't commence until next year. This year will simply be a painful pin prick.