Natural Gas News – September 28, 2021
Natural Gas News – September 28, 2021
Oil Hits Three-Year High as Natural-Gas Crunch Spills Into Crude Market
A shortfall in global energy supplies spilled into crude markets on Tuesday, pushing oil prices to their highest levels in three years. Brent crude oil, the global benchmark, grazed the $80-a-barrel mark in early trading and was last up 1% at $79.54 a barrel and on course for its highest close since October 2018. U.S. crude futures were up 1.2% at $76.36 a barrel, also on track to close at their highest in three years. Both key benchmarks have jumped around 11% over the past month as part of a broader rally in energy markets, with depleted natural-gas inventories and resurgent economic activity sparking fierce competition in Europe and Asia for natural gas to feed their power markets. “Oil’s move is really to do with the global energy crunch coming out of the gas power market,” said Norbert Rücker, head of economic… For more info go to https://on.wsj.com/3ATNokg
Oil prices at a nearly 3-year high as natural-gas futures jump 11%
Prices for U.S. and global benchmark crude oil settled Monday at the highest in almost three years, and natural-gas futures rallied back to levels not seen since February 2014, buoyed by tight U.S. supplies and strengthening demand. “Both oil and natural gas are expected to continue higher in the months ahead as fundamentals decidedly favor the bulls right now, while momentum and technicals both point to higher prices in the near to medium term,” said Tyler Richey, co-editor at Sevens Report Research. U.S. crude inventories have fallen sharply in recent weeks due to the lingering impact of Hurricane Ida on energy operations in the Gulf Coast region, he told MarketWatch. For natural gas, weather is almost always the biggest influence and “with expectations for a very cold winter this year, utilities and physical… For more info go to https://on.mktw.net/3AR9d3M
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