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If global oil markets had to be described in one word, “noisy” would be both sufficient and grossly understated. Would a Russia-Ukraine peace deal normalize Russia’s oil trade? Will the US actually enforce “maximum pressure” on Iranian oil exports? Are US restrictions on Venezuela’s oil trade back for good? Is Chinese oil demand peaking? Are US tariffs — and response measures — happening? Does the US want production dominance or lower prices? Will Opec-plus press ahead with unwinding cuts? It’s enough to make even the most seasoned oil trader’s head spin. And yet — oil prices have stayed remarkably stable and are expected to remain rangebound going forward, market players say, even if the range has potentially ticked lower. “Yes, we have a bit of volatility in the market, but prices are very stable. They are sitting there, not really moving, so that tells you that the uncertainty that you may think is in the oil markets is not necessarily driving prices,” Torbjorn Tornqvist, chairman of commodities giant Gunvor, told Energy Intelligence in an exclusive interview. Russell Hardy, CEO of trader Vitol, said that “fundamentals have weakened a little bit, but it’s not too obvious.” Speaking at CERAWeek by S&P Global in Houston this week, Hardy pointed to inventories that “are still really low” and noted “we’re still really in the hands” of supply and demand. “It’s probably fair to say that we’re in for a slightly lower range than we’ve seen in the last three to four years; $60-$80 [per barrel] is probably a little bit more reasonable expectation going forward,” Hardy said, compared to the $70-$90/bbl range Brent has generally preferred since 2022. Volatility “is still historically quite low,” Tornqvist said. At press time, Brent was trading around $70.50/bbl, while West Texas Intermediate was holding near $67/bbl.