Oil comes back to life in a $2 rally to the best levels in six weeks

oil comes back to life in a 2 rally to the best levels in six weeks

Sumary of Oil comes back to life in a $2 rally to the best levels in six weeks:

  • Bank of America estimates there could be as much as 1.8 million barrels per day of potential crude demand from that switch, as utilities balk at high natural gas prices.
  • To illustrate, at $65, TTF European benchmark gas prices are equivalent to nearly $150 oil, so switching is a compelling value proposition.

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