- Crude prices are likely to continue rising this year due to growing demand, according to two of the world’s largest independent oil traders (Reuters)
- Vitol CEO Russel Hardy sees Brent crude just shy of $80/Bbl later this year
- Hardy tempered expectations of $100 oil, saying crude will only reach the century mark if OPEC+ choose to force it that high
- Trafigura CEO Jeremy Weir, speaking at the same FT Commodities Summit, was more bullish. He forecasts sustained high prices for a range of commodities, including the possibility of $100 oil due to lack supply
- A key energy market spread has flipped as U.S. oil demand stages a dramatic recovery (Bloomberg)
- West Texas Intermediate futures are now at the biggest premium in more than four years over Dubai crude, a key Middle East marker
- The shift in pricing will likely incentivize processors in Asia and other regions to opt for cheaper barrels from the Middle East over U.S. flows, according to traders talking with Bloomberg