Oil surges to US$80 as energy crisis risks suppliesBloombergUS crude futures on Friday topped US$80 a barrel for the first time since November 2014 as a global energy crisis boosts demand at a time when OPEC+ producers are keeping supplies tight. Meanwhile, various underlying oil market gauges are also showing signs of strength. The so-called prompt spread has increased as more of the world attempts to substitute fuel oil for natural gas as quickly as possible. “It’s a panic buyer’s situation.”Meanwhile, China is still facing power outages, and Beijing has ordered state-owned firms to secure winter energy supplies at all costs. Chinese fuel oil futures jumped almost 10 percent on Friday.

Source: Taipei Times October 08, 2021 19:52 UTC