Gunvor CEO Says Oil Market Oversupply Is Finally Emerging

An oil market surplus that’s long been anticipated by investors is finally showing signs of emerging, a fact that may start to drive down crude prices, the boss of one of the world’s top energy traders said.

“It looks like we are now moving into a bit of a different market,” Torbjorn Tornqvist, chief executive officer of Gunvor Group, said in an interview in London. “We have heard it before and people have been burned on that. But this time around, at this stage, I think there’s a bit more substance in the oversupplied narrative.”