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Winter Fuel Fears Drive Crude Gains

Copyright © 2021 Energy Intelligence Group

Concerns over a shortage of diesel and other fuels heading into the winter heating season drove oil prices to fresh multiyear highs. Brent crude oil futures hit $86.10 per barrel in intra-day trade Thursday, its highest since 2018, amid fears the natural gas crisis could add 500,000 barrels per day or more to substitute diesel and fuel oil demand. High gas prices are also set to cut production of the fuels most needed as refiners in Europe trim diesel runs in response to spiking hydrogen feedstock costs.

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