Oil prices have vaulted to multi-year highs after OPEC and other major producers opted last week against increasing output by more than previously agreed. However, it’s the natural gas trajectory that has been hogging the limelight after gas prices surged more than 300% to trade at its highest levels since 2014, outpacing oil and many other commodities. With the global energy market remaining on fire, natural gas prices are increasingly impacting crude oil as well, with consumers looking for cheaper fuels to substitute. Indeed, a major anomaly has now emerged: Power producers are doing an about-face by switching from costly natural gas to oil, a reversal from the decade-long trend of transitioning from costly oil to cheaper and cleaner natural gas. It’s a budding but rapidly growing trend that could boost global crude demand by a good 2 million b/d in the space of just a few years. Gas […]