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Amrita Sen of Energy Aspects told Bloomberg Monitoring on Monday that while oil and gas prices may continue to decline in the short term, by the time winter comes, the market will become extremely tight and the price of a barrel of oil should return to about
$120.
According to the American Automobile Association, the national average per gallon gasoline price continued to fall on Monday, falling to $
4.
059.
Meanwhile, crude oil prices are well below $
90 a barrel.
Sen said she doesn't expect a "sudden increase"
in prices due to upcoming seasonal refinery maintenance.
However, by the time winter rolls in, especially after November, she expects supplies to become "very, very tight.
"
On November 1, the release of the US Strategic Petroleum Reserve (SPR) will cease.
In March, the U.
S.
government ordered the release of 1 million barrels per day of crude oil from emergency U.
S.
crude oil stocks to lower natural gas prices
.
Last week, the SPR fell to its lowest level
in nearly four decades, according to the U.
S.
Department of Energy.
After halting the SPR release, the EU will impose an embargo
on crude oil from major capacity countries on December 1.
"The market is going to tighten soon," Sen told Bloomberg, "and we still maintain our forecast
of $120 per barrel.
" ”
