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Oil Jumps as Winter Energy Crisis Looms

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Supply concerns took hold again as the oil market moved to the October futures contract and the prospect of a winter energy crisis in Europe. The EU has already implemented gas rationing to cope with already drastically reduced flows from Russia. The “Save Gas for a Safe Winter” plan seeks to cut the bloc’s gas use by 15% until at least spring 2023. High natural gas prices are already prompting European refineries to switch to lighter, sweeter crudes. That means they produce more gasoline and not enough diesel and jet fuel.

Topics:
Jet Fuel, Crude Oil, Oil Prices, Oil Spot Markets
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