Amrita Sen: Crude is poised to move sharply higher

• Brent crude hitting $100/barrel for the first time since July, with expectations for it to continue rising.
• Massive crude inventory drawdowns, with over 130 million barrels drawn since mid-August and 550 million barrels since the start of the conflict.
• China's demand is picking up, and product markets are tight, leaving 'no buffers left' in the crude market.
• While the front end is bullish, long-term concerns include a potential recession driven by high product prices.

Amrita Sen discusses the significant rise in crude oil prices, with Brent crude hitting $100/barrel, driven by 'eye-watering' inventory drawdowns and increasing demand from China. She believes crude is poised to move sharply higher due to a lack of market buffers, despite some long-term recession concerns.