Oil supply disruptions in countries such as Libya will support crude prices this year, said the chief executive officer of Vitol Group. Booming U.S. output means the world’s largest independent oil trader is looking to invest more there, he said.
China Petroleum & Chemical Corp.’s biggest rally in Shanghai trading since 2009 was unjustified because the company’s plans to seek private investors are aimed at raising capital instead of reforming the state-controlled energy producer, according to Jefferies Hong Kong Ltd.
Crude can move either side of $100 a barrel with neither direction currently dominating, aside from a longer term bias for gradual gains, said the head of Vitol Group, the world’s largest privately held oil trader.
The Organization of Petroleum Exporting Countries will probably increase oil supplies in the next four months, reducing Brent prices to a range of $90 to $100 a barrel, Vitol Group’s chief executive officer said.
Commodities traders who buy and sell as much as $5.67 trillion of raw materials a year say the benchmark prices for everything from oil to iron ore to gasoline are wrong as often as 27 percent of the time.
Exports of liquefied natural gas are contracting for a second year, diminishing the number of available cargoes at a time when companies from Vitol Group to Glencore Xstrata Plc are expanding their trading teams.