Posted on 10/09/2021 3:33:01 PM PDT by Hojczyk
Record-high natural gas prices are prompting more utilities to switch from gas to oil derivatives, fanning the flames of an already strong oil price rally.
Yet, another report, also by Reuters, said that other analysts expected a lot of gas-to-oil switching this winter, which would drive oil prices higher and drive some UK energy suppliers out of business.
"This has never happened before at such a global scale. The market has always tried to substitute from costly oil to much cheaper natural gas," Reuters quoted a SEB commodity analyst as saying.
Now the tables have turned, and both commodities are soaring amid not only forecasts for a cold winter, however inaccurate they might be at this point in time, but also expectations for higher energy demand during this winter season.
Meanwhile, supply remains tight. OPEC+ refused to boost production by more than 400,000 bpd monthly. Russia's President Vladimir Putin said the country will step up gas deliveries to Europe, but some analysts doubt that it has the capacity to do so, even if it is willing to do it without expecting concessions in return, which is likely.
(Excerpt) Read more at finance.yahoo.com ...
Easy to tell Democrats are in charge
I wonder if biden handlers and his environmental buddies know that oil is dirtier then natural gas? It’s par for the course on biden handler’s policies.
Wonder how soon biden gets his $8 / gallon gas price ?
We should all change the name on our accounts to Let’s Go Brandon, and send our gas and electric bills to 1600 Pennsylvania. He’s responsible for the price hike, so should be responsible to pay them.
Topping off my propane tank before prices go up again. Hello 1920s Germany
Install one demented marxist chomo as president and the whole world suffers.
The Yahoo Finance a-holes don't bother to mention that this world economy-killig possibility is entirely caused by Marxist Democrats and Joe Biden' Fascist Climate Change Hoax.
Democrats hit hardest.😎
Ugh. We switched our house from oil to gas two years ago. Here we go . . .
Biteme is a disaster going to crater this country.
I think I better get my wood stove done and put in.
Electricity is gonna go sky high.
We just had record low natural gas prices under Trump.
I am still furious the election was stolen and the courts did NOTHING to allow evidence to be presented. Hence my tag line that America died on election day.
For my homeowners insurance for the period of 11/5/21 till 11/5/22, there was a 20% increase in my annual premium. As for my auto insurance, another 15 percent increase in the annual premium.
Don't know what the heck is going on but it's not good........
In process of pulling out the old fuel tank because of recent conversion. Seems like everything is a strike under this admin.
It is a good time to take down the standing dead wood that was frilled a few seasons ago.
MRO still looking strong, though overbought at the moment on a technical basis.
There are a lot of energy stocks that look quite good. Pipeline MLPs like ET and ETP too. SLB is strong in its field. XOM probably doesn’t have a lot of price upside left but the solid 5.6% yield is worth a look for people who like to hold and take dividend income.
Prepper ping
We had an emergency meeting this past Thursday due to skyrocketing fuel prices. Lots of panic and few options with these white collared ivory tower execs.
This coming Tuesday’s round table will be interesting given what is going on across the world.
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