- Oil prices rallied at the start of the week, with Brent reaching the highest level since Oct. 2018
- Oil prices are set to continue rallying as supply struggles to catch up with fast-rising demand, according to Trafigura Group’s co-head of oil trading Ben Luckock (Bloomberg)
- Goldman Sachs said Brent could hit $90/Bbl by year-end as the market is in a bigger deficit than many realize
- AEGIS notes that while the near-term may be tight, many analysts are forecasting 2022 to be oversupplied
- Fuel switching to be a boon for oil this winter (Bloomberg)
- Vitol, the world’s largest independent oil trader, expects fuel switching to boost oil demand by 500 MBbl/d this winter
- Analysts at Facts Global Energy see a similar increase
- OPEC sees a slightly smaller impact, estimating the additional demand over the next six months to be 370 MBbl/d
- High natural gas prices in Asia and Europe is starting to have effects on the oil market as consumers seek to switch away from gas