Bloomberg - Sept 23 - Energy crunch lifting demandHigh demand for gas increasing oil demand 500K bpd??..and you thought things would quiet down at the end of summer driving season....throw out the old models thing have changed. We have passed the failsafe.
Reference:
https://www.bloomberg.com/news/articles/2021-09-23/vitol-sees-oil-jumping-to-80-plus-as-energy-crunch-lifts-demand
"Vitol Sees Oil Jumping to $80-Plus as Energy Crunch Lifts Demand"
"Vitol Group, the world’s biggest independent oil trader, expects global crude demand to climb by an extra half a million barrels a day this winter as a gas-led energy crunch drives a rush for other fuels. Oil is most likely headed above $80 a barrel, partly as higher gas prices boost demand, Vitol Chief Executive Officer Russell Hardy said in an interview from London on Thursday. That could force OPEC+ producers to add more supply into the market, he said.
“Can demand surprise us to the upside because of power switching? Yes,” Hardy said. “Is it likely that there’s half a million barrels a day of extra demand that comes through because of gas pricing? Probably our view is, that is likely across winter.”