The world faces higher oil and gas prices this winter and beyond as supply struggles to catch up with fast-rising demand, according to Trafigura Group, one of the world’s largest commodity trading houses. 

“We’re going to see higher oil prices,” Ben Luckock, Trafigura’s co-head of oil trading said in an interview. 

Luckock said the market was mis-pricing forward oil contracts for the next couple of years because traders hadn’t yet woken up to the fact the supply-demand balance will remain tight for some time.

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