Crude oil (CL=F, BZ=F) prices are seeing slight gains around US oversupply concerns and escalating geopolitical conflicts, namely Ukraine’s reported drone strikes targeting Russian oil refineries.
OPIS Global head of energy analysis Tom Kloza sits down with the Morning Brief team to discuss pricing trends in the oil market.
“Well, here’s where everyone was caught sleeping. The actual physical demand for oil in August was probably the highest month ever… the greatest, I wouldn’t call it a shortage, but relatively tight supplies of physical oil,” Kloza explains. “What happened this summer and what continues to happen is that you do not have speculators buying futures and options contracts anymore.”
Kloza finds “financial participation in oil markets” has fallen to its lowest level since oil became an available asset class. He believes that “the world still needs Russian crude oil, and it needs Russian refined products” amid tightening supply in global energy markets.
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