Crude oil has already gained 10 percent since the start of the year and has further to go, Vitol's head of Asia told Bloomberg in an interview. "These prices are justified," said Mike Muller. "Strong backwardation is very much justified." The executive added that unlike natural gas, whose high price has already prompted lower consumption for some industrial users, oil has yet to reach that price level. The latest in the gas sector "serves to remind us that people will abstain from buying expensive energy at some point," Muller said at an industry webinar, adding, "The question is at what point that affects the oil ... (full story)