Oil Price Jumps Above $80 and Natural Gas Races Higher, Turbocharged by..
The extended climb in oil prices is leaving some other industrial commodities behind, a divergence that reflects bets that energy supply shortages will offset any slowdown in the global economy. U.S. crude rose 1.5% to $80.52 a barrel on Monday, closing above $80 for the first time since late in 2014 and bringing its climb since the end of last October to 125%. Oil is now on track to outpace copper this year by the largest amount since 2002 and is topping an index of raw materials by the biggest margin in more than a decade, according to Dow Jones Market Data. Like oil, natural gas is also far outpacing other commodities. Copper prices are about 8% below a May record, while rallies in some other materials such as zinc and lead have largely stalled. Some industrial metals have fallen due to fears of softening gro… For more info go to https://on.wsj.com/3v6gbjx
Maxed Out’ Qatar is Unhappy Natural Gas Prices Are So High
Qatar, the world’s biggest exporter of liquefied natural gas, said it’s “unhappy” prices are so high but is producing at maximum capacity. The comments from Energy Minister Saad Al-Kaabi on Monday come amid a crisis in gas markets, with prices rocketing as supply fails to keep up with soaring demand. Although Qatar is spending billions of dollars to increase output, it has said it will struggle to boost production in the near term.“We are maxed out,” Al-Kaabi said at an event in Doha, adding that volumes are currently around 80 million tons a year. “We’re just consistent, we’re producing what we can.” The Persian Gulf state has the world’s lowest production costs thanks to an abundance of easy-to-extract gas, most of it contained in the giant North Field that extends into Iran. Al-Kaabi re… For more info go to https://bloom.bg/30jxBxQ