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Energy Crisis Spreads to Oil Products

Copyright © 2021 Energy Intelligence Group

Oil prices hit fresh seven-year highs as the energy crisis spread into global fuels markets. Brokers marveled at how quickly the market has flipped from a "Covid buyer's market to a seller's market on everything." The International Energy Agency (IEA) warned in its latest monthly Oil Market Report Thursday that soaring natural gas prices would force consumers to switch to oil, causing demand to increase by 500,000 barrels per day on top of the Covid-19 recovery. Asian utilities in particular can switch to burning fuel oil rather than gas whereas consumers have much more limited scope to switch to gasoil and kerosene heating fuels. The IEA now sees global oil demand rising by 5.5 million b/d this year and by another 3.3 million b/d in 2022 when it will be above pre-Covid-19 levels.

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