PRESS ROOM
Natural gas makes gains while oil endures headwinds
Monday 02nd November '20
Oil prices are facing headwinds as the prospect of demand improving in the near-term looks slim in the wake of rising virus cases worldwide. Brent and WTI (West Texas Intermediate) oil prices were down over 11% in October. In contrast, natural gas prices were up over 32% over the same period as a cooler than expected October has created higher natural gas demand for heating in the US. Natural gas is a cyclical commodity and typically sees its demand rise during the US winter for heating purposes. Natural gas prices have recently bounced back from a 25-year low earlier in June.