Gas at $100 a Barrel in Europe Makes Burning Oil More Attractive
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Europe’s soaring gas prices are making it more cost-effective to burn oil for industrial use, potentially boosting the region’s demand for barrels.
Natural gas surpassed the equivalent of $100 a barrel on Monday, a two-year high. The price jump raises the prospect of more switching from gas to petroleum products such as diesel — also known as gasoil — wherever that flexibility is available.