CNBC Guest: ‘The Market Right Now Is Much More Focused on What’s Happening with Demand and What’s Happening in China’

ROSS SORKIN Let s ░░░░░░░░ out two months Where ░░░░░░░░ you think we are ░░░░░░░░ Yeah so looking at ░░░░░░░░ I d say two ░░░░░░░░ we are probably closer ░░░░░░░░ 105 but Brent at ░░░░░░░░ And I think a ░░░░░░░░ of that just has ░░░░░░░░ do with the fact ░░░░░░░░ have several catalysts coming ░░░░░░░░ Helima mentioned Russia likely ░░░░░░░░ to apply pressure to ░░░░░░░░ and pressures European gas ░░░░░░░░ which will provide a ░░░░░░░░ to crude oil as ░░░░░░░░ industries try to switch ░░░░░░░░ from gas to crude ░░░░░░░░ also have the SPR ░░░░░░░░ off in November which ░░░░░░░░ been a huge buffer ░░░░░░░░ crude supplies in the ░░░░░░░░ S and that will ░░░░░░░░ a massive impact And ░░░░░░░░ we have increasing sanctions ░░░░░░░░ from European nations on ░░░░░░░░ oil on insurance So ░░░░░░░░ three of those things ░░░░░░░░ think really contribute to ░░░░░░░░ grinding higher The market ░░░░░░░░ now is much more ░░░░░░░░ on what s happening ░░░░░░░░ demand and what is ░░░░░░░░ in China and I ░░░░░░░░ think those are relevant ░░░░░░░░ I think the supply ░░░░░░░░ of the equation over ░░░░░░░░ next couple months will ░░░░░░░░ that and China s ░░░░░░░░ of dwindling or slower ░░░░░░░░ will fall to the ░░░░░░░░ ROSS SORKIN Before I ░░░░░░░░ back to Helima Rebecca ░░░░░░░░ we are at 105 ░░░░░░░░ in the U S ░░░░░░░░ October where do you ░░░░░░░░ prices at the pump ░░░░░░░░ BABIN That s a ░░░░░░░░ question I think prices ░░░░░░░░ the pump at 105 ░░░░░░░░ closer to like 4 ░░░░░░░░ to 4 50 and ░░░░░░░░ is a place where ░░░░░░░░ is painful for the ░░░░░░░░ S consumer for sure ░░░░░░░░ I don t think ░░░░░░░░ creates demand disruption and ░░░░░░░░ behaviors It is kind ░░░░░░░░ right at that threshold ░░░░░░░░ I think we will ░░░░░░░░ back up to that ░░░░░░░░ 35 4 50 on ░░░░░░░░ national average and I ░░░░░░░░ that is unfortunately is ░░░░░░░░ to last throughout the ░░░░░░░░ of the winter.”