Energy market outlook: Prices could be volatile, says Chevron VP

Yahoo Finance Video
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Oil prices closed below $70 a barrel Wednesday after the Federal Reserve raised interest rates by 25 basis points. Oil prices have been volatile so far this year, reaching a closing low of $66.74 on March 17 and a high of $83.26 on April 12. It's a trend that Colin Parfitt, Vice President of Midstream at Chevron (CVX) expects to continue. "What we've seen in the last couple of years is volatility. And one of the things I think we might see in the future is volatility," Parfitt told Yahoo Finance's Rick Newman at the Milken Institute Global Conference.

Parfitt notes that there is not much of a "buffer of inventory" in the energy markets right now and as a result "if demand goes up, we could see prices going up."

Key video moments

00:00:22 State of U.S. refining capacity

00:01:41 Energy price outlook