Fitch Solutions expects to see an increase in gas-to-oil switching for use in heating during the winter season in the northern hemisphere, the company’s associate director, Emma Richards, told Rigzone. “We’ve already seen a switch towards oil, with the increase in gas prices having far outstripped the increase in oil prices in the year-to-date and natural gas is now far more expensive than crude and refined fuels on an energy-equivalent basis,” Richards stated. “That said, there’s a limit to which this type of switching can occur and the expected boost to consumption represents just a fraction of global oil demand, at less than one percent,” Richards added. “As such, it’s not likely to have a very meaningful impact on the market, with other demand-side factors – like Chinese economic woes and rising recession risks in the EU and U.S. – […]