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The 'sky is the limit' for heating oil prices if we get slammed this winter: strategist
Yahoo Finance
The 'sky is the limit' for heating oil prices if we get slammed this winter: strategist
Brian Sozzi · Anchor, Editor-at-Large
Mon, October 11, 2021, 1:07 PM
Get those blankets and sweaters ready for the winter as one bad storm may send oil and natural gas prices soaring to new heights from already worrisome levels.
"The sky is the limit," Natasha Kaneva, JPMorgan's head of global commodities strategy, told Yahoo Finance Live, referring to the outlook for heating oil prices, if the U.S. gets hit with a bad winter. "We are dealing with theoretical prices at this point because everything is already at record high levels. We just don't see the release valve. The only option is for demand destruction to start taking place. That's exactly the link with oil prices. Natural gas prices are so high that consumers are switching to other sources."
Kaneva added that natural gas prices could "double" from current levels if this winter is as bad as the one that impacted the flow of energy in Texas last year.
"We cannot even put a price on the European natural gas prices at this point," Kaneva noted after a very volatile week for energy prices overseas.
{snip}
The 'sky is the limit' for heating oil prices if we get slammed this winter: strategist
Brian Sozzi · Anchor, Editor-at-Large
Mon, October 11, 2021, 1:07 PM
Get those blankets and sweaters ready for the winter as one bad storm may send oil and natural gas prices soaring to new heights from already worrisome levels.
"The sky is the limit," Natasha Kaneva, JPMorgan's head of global commodities strategy, told Yahoo Finance Live, referring to the outlook for heating oil prices, if the U.S. gets hit with a bad winter. "We are dealing with theoretical prices at this point because everything is already at record high levels. We just don't see the release valve. The only option is for demand destruction to start taking place. That's exactly the link with oil prices. Natural gas prices are so high that consumers are switching to other sources."
Kaneva added that natural gas prices could "double" from current levels if this winter is as bad as the one that impacted the flow of energy in Texas last year.
"We cannot even put a price on the European natural gas prices at this point," Kaneva noted after a very volatile week for energy prices overseas.
{snip}
