Insight
Navigating an energy crunch: what role can oil play?
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Report summary
Global gas prices are currently at 150% of oil prices, which is triggering a surge of interest in fuel switching from gas to oil. As a result, oil prices have seen gains this week in response to varying estimates of the potential volume of fuel switching. However, oil-fired generation capacity has declined in the last decade and is not readily usable, limiting the potential upside from gas-to-oil switching to demand in the coming months. In this insight, we address the following questions: • What is Wood Mackenzie’s outlook on the potential upside of gas-to-oil switching for power generation? • Is recent upward price pressure reflecting market psychology or market fundamentals? • In what countries/regions will we see a material impact? • How have fuel oil crack spreads responded?
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