Consulting agencies say that global oil supply is tight, and refined oil inventories in some regions of the United States are rapidly running out.

"We are now witnessing record levels of destocking," said Sen, the founder and head of market intelligence at the company. "At present, we are essentially relying on consuming these inventories to barely sustain supply." She noted that once refiners are forced to return to the market to make purchases, "the price increase will be substantial." She was referring to the physical crude oil market, not the oil financial futures market. Sen's comments echoed warnings from Goldman Sachs.