The European energy crisis is going global as the lack of natural gas supply begins to influence oil and coal markets Oil prices are set to break the $80 market as gas-to-oil switching increases oil demand amid continued supply outages Coal prices have hit a 13-year high in Europe and record levels in Asia as more coal is called upon Just ahead of the winter season, Europe’s natural gas crunch created a snowball effect in global energy markets. What started as very low gas inventories in Europe during the summer is now spilling over into oil, natural gas, and coal prices all over the world, with no quick fix or signs of a major short-term correction in sight. Brent Crude Prices Near $80 Brent Crude prices topped $79 per barrel early on Monday – the highest level in three years. Prices are now headed for $80 – a level […]