Oil market will remain “boringly rangebound” in short and medium term - Vitol

In the short and medium term, the oil market will remain “boringly rangebound” with prices possibly coming under downward pressure in the first few months of 2018, when demand would typically weaken, the head of top oil trader Vitol, Ian Taylor, told Reuters.

Key quotes

I think the question, a little bit in the longer term is - is this the last big rise in US production

If you look at the economics on most of the big Permian players, not many of them make a lot of money,

The market is tightening up. But it’s very shallow... There will be moments when we must get closer to $60 and moments I‘m sure when we’ll flirt with a number with a 4 in front of it. But it’s a pretty narrow range