The CEO of trading giant Trafigura Group, Jeremy Weir, says that the oil market is "very, very tight"

Adding that "there are no freely available barrels" and while additional supply is needed, it is unclear if and when that will arrive; speaking at a commodities summit.

On price, Weir says that $100 is a possibility in the longer-term which fits with what the firm's chief economist called back in June for the next 12 to 18 months at the time.

Well, he wouldn't be the first to tout the triple-digit figure and surely won't be the last over the next few weeks/months. BofA also made a similar argument here in September.