Oil markets are facing more turbulence as tensions in the Middle East collide with a seasonal slowdown in demand, raising the prospect of further sharp and unpredictable swings in crude prices, the head of trading house Gunvor warned.
Gary Pedersen, who took over the world’s fourth-largest independent oil trader following a management buyout in December, said markets could become even more volatile during April to June, when demand dips between winter and the summer driving season.
“It is a little bit of a more challenging, softer period that we need to be careful of. Frankly, it could be very choppy,” he said in an interview with the FT, with prices potentially driven more by headlines than underlying supply and demand.
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