It is only a short matter of time before oil reaches triple digits again, Ray Carbone, a veteran trader on the Nymex, told CNBC.
As gasoline supply continues to drop and the oil demand comes back, the price of oil is going to surge, he said.
Carbone expects to see the price of distillate increase first, he said.
“I think it’s going to happen, but first we’re going to have to see that rebound in distillate demand, and we’ve seen the market and the paper flow tell us that we are going back up,” said Carbone.
“I think it will be quicker than most people think.”
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