Oil prices could experience an 'off the charts spike' as winter approaches, says John Driscoll, chief strategist at JTD Energy Services.
Oil prices could experience an "off the charts spike" as winter approaches and OPEC and its allies stick to their earlier pact on oil output, a strategist told CNBC.
What I think [is] more concerning to everyone out there … what happens during the winter? Are we going to have another Arctic freeze?John Driscoll, chief strategist at JTD Energy Services, said the decision by OPEC+ was a "very prudent course of action" until one considers the ongoing energy crises and possible supply disruptions.
He pointed to the shortage of fuel in the U.K. — with long queues of cars waiting to buy gas, as well as "fist fights." In the U.K.,BURY ST EDMUNDS, SUFFOLK, UNITED KINGDOM - 2021/09/25: People filling their cars up at BP petrol station during the fuel crisis in Bury St Edmunds."When you get into winter, what you really have to worry about is this non-discretionary demand," Driscoll said. Non-discretionary demand refers to essential spending for daily goods and services.
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