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Oil & Gas Technical Compendium

Oil trader Vitol projects rapidly shrinking stockpiles by year’s end

The world’s biggest independent oil trader says global stockpiles of the commodity will keep shrinking, offering a starkly more bullish view of the crude market than some of its rivals.Vitol Group said inventories have been falling sharply and will continue to decline this year. Trafigura Group, the second-biggest trader, says the market will go back into a surplus. Both companies forecast demand to stagnate and foresee a volatile few months before a gradual recovery next year.Global stockpile growth peaked at about 1.2 billion barrels in early summer and inventories have since been drawn down by about 300 million barrels, Vitol Chief Executive Officer Russell Hardy said. They should by a further 250 to 300 million barrels in the last four.....

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