Artificial Intelligence has been seeping through into oil and gas trading industry. In the past, active application of AI-enabled solutions have been part of the trading organizations and was especially functional in analytics, trade execution, risk management, HR, etc.
However in the latest rage, OilX, an oiltech startup used AI to predict oil analytics to traders. This was done using satellite tracking data and reports from various official organizations, including customs, JODI, and statistics agencies. Through AI, traders were able to receive more comprehensive and reliable oil fundamentals data and within a shorter time frame. Usually obtaining traditional oil supply and demand analyses is a lengthy and time consuming process. AI improved speed and accuracy which is also among the top priorities for the OilX’s founder members.
Moreover through AI modern day oil traders are aiming to not just obtain price forecasts but also to help humans in predicting trading prices more efficiently. AI wins an upper hand over humans when it comes to cracking algorithms for predicting trade pricing. Efforts are made towards encroaching traditional practices in price forecasting and also to help humans learn how to predict prices with precision and accuracy.