The 'skew' between bearish puts and bullish calls has not been this negatively positioned since at least 2010 (when Bloomberg data began).
"This negative skew developing is moving in sympathy with what we’re observing in the physical market,"according to BNP's Harry Tchilinguirian, and just as the skew was drastically bullish at the lows in January, one might wonder if the smart-money is right once again...
Fundamentally, Tchilinguirian warns that "despite outages of production in Nigeria, we’re not seeing in the curve structure on the physical side any indication of supply shortages, rather to the contrary."
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