Except this time it's the funds flattening out the curve. Metallgesellschaft really should have known better, especially as crude was more physically driven way back then.... Crude and other energy markets always seem to me to be in short term contango and long term backwardation. If the funds are going longer out on the curve then they're just helping to flatten it out. Overall volatility remains the same. However, I think this is helping to form a change in trend now. I've been a perma-bull on crude for ages but now I'm starting to think we've seen some form of ceiling, barring another major middle east even or hurricane in the near term.