Short-Term Oil Spike, Followed by Disinflation: What Markets Are Telling You

ViewpointsOpinionOil tankers sit anchored off the coast of Seal Beach in Seal Beach, Calif., on March 17, 2026. Justin Sullivan/Getty ImagesDaniel Lacalle3/23/2026|Updated: 3/23/20260:00CommentaryThe current oil and commodity price shock has created an interesting pattern: The futures curve has moved further into backwardation, and market participants are shrugging off the headlines, discounting a short-term inflationary burst that would be rapidly corrected.