Amid cold winter weather and fast-depleting inventories, Europe's natural gas prices jumped on Monday to a two-year high to levels of over $100 per barrel oil equivalent
Amid cold winter weather and fast-depleting inventories, Europe ’s natural gas prices jumped on Monday to a two-year high to levels of over $100 per barrel oil equivalent, which now makes burning oil for industrial use more cost-effective. Dutch TTF Natural Gas Futures, the benchmark for Europe ’s gas trading, surged by 4% in Amsterdam on Monday, to the highest level since February 2023.
The gas-to-oil switch could boost oil demand in Europe, and also in Asia, in the first quarter, potentially giving more room and reason for OPEC to return more barrels to the market. The high natural gas price is a bullish tailwind for oil, Bjarne Schieldrop, Chief Analyst Commodities at SEB bank, said in a note on Monday. Even 10ppm diesel is now cheaper than natural gas.
Crude Oil Gas Gas Prices TTF Gasoline
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