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This is interesting. The questions I am asking is "why is are short term oil futures so high compared to current prices" and "how can I profit from it?".

Regarding the WHY: without any special knowledge of oil markets, I would assume all the conflicts/tensions in the middle-east + India/Pakistan are causing some oil consumers to lock in their prices, even at a premium, rather than take the chance that prices explode in the case that these conflicts expand significantly. It is hard to imagine that oil traders are betting big time on a major rally in the world economy in the next month.

Regarding the HOW: When these future contracts are delivered, it will depress the price of oil, since basically the traders are borrowing todays oil in order to dump it on the market later. So in the absence of any major conflict, and given the poor fundamentals of the world economy, it would seem that oil should be hitting new lows in the coming months. Of course, it is possible one or more of the conflicts currently simmering will blow up, and the price of oil will go up with it. So there are some risks here, but fundamentally this seems to me to be bearish for oil. DTO anyone?