问题如下：
3. Based on Exhibit 1 and Yamata’s research on the energy sector, the shape of the futures price curve for Brent crude oil is most consistent with the:
选项：
A.insurance theory.
theory of storage.
hedging pressure hypothesis.
解释：
B is correct.
The Brent crude oil futures market is in a state of backwardation: The spot price is greater than the price of near-term (i.e., nearest-to-expiration) futures contracts. Commodities (in this case, Brent crude oil) are physical assets, not virtual assets, such as stocks and bonds. Physical assets have to be stored, and storage incurs costs (rent, insurance, inspections, spoilage, etc.). According to the theory of storage, a commodity that is consumed along a value chain that allows for just-in-time delivery and use (i.e., minimal inventories and storage) can avoid these costs. Yamata’s research concluded that energy is consumed on a real-time basis and requires minimal storage. In this situation, demand dominates supply, and current prices are higher than futures prices (state of backwardation).
他的研究里面也有这句话“Consumers have been more concerned about prices than producers have.” 讲到了对冲， 那么B为什么不对？
