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Free AccessVitol Warns Triple Digit Oil Possible this Year
Oil prices could return to triple digits later this year as consumption climbs and the market tightens according to Vitol CEO Russel Hardy speaking on Bloomberg tv.
- “Demand is expected to hit record levels in the second half of the year,” he said.
- “The prospect of higher prices in the second half of the year, in the sort of $90-$100 range, is a real possibility.” he added.
- He said demand reductions as well as warm weather have really helped the European gas situation this winter.
- China has been seen to start buying LNG cargoes as the economy reopens which adds a threat element for European gas.
- Global oil demand is expected to hit record levels in the second half of the year Hardy said, helped by China’s resurgence.
- Jet fuel is still in catch up mode because there is still a lot of reopening happening, Hardy added.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.