(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author)
In this week’s preview of what to watch in oil and gas markets, Rigzone’s regular energy prognosticators take a look at a notable downtrend in the oil market, winter weather demand, market distortion and more. Read on below to find out the specifics.
Rigzone: What developments/trends will you be on the lookout for this week?
Tom Seng, Assistant Professor in Energy, Texas Christian University’s Ralph Lowe Energy Institute: In the volatile market that is crude oil, we have gone from a perceived global shortage which had prices approaching $95 per barrel in early November to less than $80 per barrel last week. Winter weather does not seem to be causing a lot of demand for heating oil and time is running out. Inventories, once near depletion, are rising weekly. Absent a major geopolitical or natural disaster disruption, oil demand will probably remain weak until refineries increase production ahead of the summer driving season.
Barani Krishnan, Senior Commodities Analyst at uk.Investing.com: More market distortion from the reality-defying oil bulls.
To contact the author, email andreas.exarheas@rigzone.com
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