Vitol and Oil Prices

Paul Hodges also blogged about Vitol CEO Ian Taylor’s comments on the recent rise in oil prices in his Chemicals and the Economy blog.

According to ICIS news, Taylor noted that inventories are well above 5-year highs, a "huge surplus" exists in terms of days of supply and OPEC cuts "are unlikely to rebalance the market any time this year."

“In the short term, supply and demand fundamentals seem to be almost irrelevant to the flat price of oil, but as was seen in the second half of last year, they will always assert themselves over time." Taylor said.