JP Morgan Chase & Co. also warned that worsening natural gas crises in Asia and Europe will spur so many power generators to switch to petroleum-based fuels that Brent crude will reach $84 a barrel by the end of the year.
It is likely to add more upward pressure to already elevated coal and liquefied natural gas prices, as well as oil products including fuel oil, diesel and propane, which can be used for electricity generation or to power small generators. That’s bolstering the scrutiny on OPEC+’s next move when it meets Monday.