Top oil traders say $100 crude is looking like a real possibility citing a slowdown in investment in supplies before demand has peaked.
The higher energy density of fossil fuels appeals to developing countries pursuing affordable fuel sources.
In a monthly report on June 10, OPEC said oil demand would rise by 6.6% or 5.95 million bbl/d this year.
Supply constraints are expected to drive price volatility for several years.
Grid operator urges consumers to keep conserving energy.
Despite climate change pressure and growth in renewables, fossil fuels retain their dominant position.
Even with warmer weather on the horizon, Refinitiv projected average gas demand would hold around 89.9 Bcf/d this week and next as rising prices prompt power generators to burn more coal and less gas to keep air conditioners humming.
The Texas grid operator says the peak demand could surpass 73,000 MW on June 14, which could strain the grid’s capacity to generate power for customers.
Oil prices are still going up, a trend that Stratas Advisors expects to continue during the next month. Here’s why.
Goldman Sachs said last week it expects Brent to rise to $80/bbl this summer as the rollout of inoculations boosts economic activity around the world.