Oil Trading Giant Trafigura Sees $100 Oil In Late 2022

Recovering global oil demand could send oil prices to $100 a barrel at some point at the end of 2022, despite COVID challenges to demand this coming winter, according to one of the world’s largest independent oil traders, Trafigura. “Not just the price, but the level of backwardation we are seeing is telling us the market is hungry for oil,” Saad Rahim, chief economist at Trafigura, said during the virtual Argus Asia-Pacific Crude Forum on Thursday, as carried by Argus. Oil demand worldwide has recovered enough from the coronavirus…