Assessment: The US cut supply while global demand skyrockets.
- The European energy crisis is going global as the lack of natural gas supply begins to influence oil and coal markets
- Oil prices are set to break the $80 market as gas-to-oil switching increases oil demand amid continued supply outages
- Coal prices have hit a 13-year high in Europe and record levels in Asia as more coal is called upon
“And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand” Rev. 6:5
Just ahead of the winter season, Europe’s natural gas crunch created a snowball effect in global energy markets. What started as very low gas inventories in Europe during the summer is now spilling over into oil, natural gas, and coal prices all over the world, with no quick fix or signs of a major short-term correction in sight.
Brent Crude Prices Near $80
Brent Crude prices topped $79 per barrel early on Monday – the highest level in three years. Prices are now headed for $80 – a level which some analysts had forecast in the summer, but which not many market participants believed would happen because of the Delta variant depressing prices and demand in some parts of the world in July and August.
However, as the winter heating season in the northern hemisphere approaches, gas and power prices in Europe are surging Read More @ Oil Price Here