A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in FreeportThomson Reuters Despite the recent dip in oil prices, the market will tighten up as winter approaches, Energy Aspects' Amrita Sen said. US releases from the SPR are due to stop, demand from China will grow as lockdowns ease, and the EU's partial ban on Russian oil will take effect. Sen still thinks prices could rebound past $120 a barrel by the end of the year. The oil market has eased up in recent weeks – but supplies will tighten up rapidly as winter approaches, said Energy Aspects director Amrita Sen, warning that prices could still be on track to top $120 a barrel by the end of the year.Oil prices fell below $90 a barrel in the last week, and Sen told Bloomberg TV that weakness will likely continue in the near term, noting that oil refineries will soon enter maintenance season, which has historically cut demand for crude.But it doesn't mean supply woes are over for the energy market.
The Oil Market Is Set To Tighten Rapidly As Winter Approaches And Prices Are Still On Track To Top $120 A Barrel, Energy Expert
jsor@insider.com (Jennifer Sor), Business Insider
Mon, 08/08/2022 - 11:35am
Topics: freeportthomson reuters energy aspects amrita sen spr china amrita sen bloomberg tv national congress december opec g7 business insider energy strategic petroleum reserve sen energy aspects sen eu us russian november russia tighten prices oil market rapidly as winter approaches track to top a barrel ban ease crude stop demand partial due effect expected week
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