Trafigura sees demand recovery driving oil rally
The trader raises the possibility of $100/bl crude next year
“The current [backwardated] structure of the market is absolutely telling you that the market is hungry for oil.” So says Saad Rahim, chief economist at Singapore-headquartered trading house Trafigura, in an interview with Bloomberg TV. And he predicts that crude could hit three figures in the next 12-18 months. “We have moved from a situation where the recovery was China-, manufacturing- and goods-led… to something that is more US-, Europe services- and experiences-led. Everyone is out there hitting the road and taking to the skies again. You are seeing a very strong demand recovery,” Rahim continues. And this rebound is allowing traders to shrug off previous concerns about what Rahim calls

Welcome to the PE Media Network
PE Media Network publishes Petroleum Economist, Hydrogen Economist and Carbon Economist to form the only genuinely comprehensive intelligence service covering the global energy industry

Comments