Nobody's fiddling away now while a crisis is hitting.
But much of the world is scrambling to find some energy as winter beckons. Those weathermen and women aren't helping matters either. They are predicting a cold winter.
Natural gas storage around the globe alarmingly low and prices in most areas have never been higher after soaring to records in Europe and Asia this week according to the WSJ. As we have noted before this could come here. Estimates in Europe state stock piles leading into winter months are 18% lower than usual.
Climate change is catching much of the hell.
No surprise there. But the ESG crowd, though they will surely deny it, is playing its role. These record-high natural gas prices forced some utilities to switch to oil derivatives instead, boosting demand for crude.
We could see $100 a barrel oil.
On its way.
"Oil prices rose early on Friday, headed to another week of gains with the U.S. benchmark reaching $80 per barrel, as the world scrambles for natural gas and coal supply for the winter.
"As of 10:29 a.m. EDT on Friday, WTI Crude was up 2.03% at $80.05, and the international benchmark, Brent Crude, had risen 1.76% to $83.39.
"Oil prices were headed to a 4-percent gain this week amid restricted supply and rising demand, also due to a gas-to-oil switch amid record-high natural gas prices in Europe and Asia.
"The OPEC+ group kick-started this week’s oil price rally after it decided on Monday to keep plans for easing the cuts unchanged, despite calls for more supply from consuming countries, including the United States. OPEC+ will increase supply in November by 400,000 barrels per day (bpd)—the minimum the market was expecting ahead of the meeting. As a result of the decision, WTI Crude prices hit their highest level in seven years.
"Oil prices were headed to a 4-percent gain this week amid restricted supply and rising demand, also due to a gas-to-oil switch amid record-high natural gas prices in Europe and Asia.
"The OPEC+ group kick-started this week’s oil price rally after it decided on Monday to keep plans for easing the cuts unchanged, despite calls for more supply from consuming countries, including the United States. OPEC+ will increase supply in November by 400,000 barrels per day (bpd)—the minimum the market was expecting ahead of the meeting. As a result of the decision, WTI Crude prices hit their highest level in seven years.
"Oil settled lower on Wednesday after the EIA reported a crude inventory build and energy prices globally fell after Russian President Vladimir Putin suggested that Russia could increase natural gas supply to Europe this winter."
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