Thursday, March 13, 2025

Top Oil Traders Turn Bearish on Prices, Seeing Oversupply

The mood at Houston's big annual oil and gas get-together has been upbeat on the prospects for the industry under a fossil fuel-friendly Trump administration. But there's a significant catch: some of the biggest oil traders are getting more bearish on the outlook for crude prices.

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... While they don't see the prospect of a crash, top traders including Vitol and Gunvor said prices could grind lower as supply starts to outstrip demand. The OPEC+ group of producers has begun releasing additional barrels into the market, the US will continue to add production -- albeit more slowly than in recent years -- and South America is also growing.

"The industry is over-drilling now, that is clear," Gunvor Group Chairman Torbjrn Trnqvist said in an interview at CERAWeek by S&P Global in Houston. "We are drilling more inside and outside OPEC than demand growth warrants." ...


#1 | Posted by LampLighter at 2025-03-13 06:56 PM

A question:

How will Pres Trump's "drill, baby, drill" mantra work in this apparent oversupply situation?

#2 | Posted by LampLighter at 2025-03-13 06:57 PM

---- Big Oil, ---- Fat Donnie Loser, and ---- Musk

#3 | Posted by LegallyYourDead at 2025-03-13 09:41 PM

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