# Oil settles up 1.5%; hits multi-year highs on surging demand | Reuters

> Oil settled up 1.5% at multi-year highs as power shortages in Asia, Europe and the US pushed generators to switch from expensive natural gas to oil. Analysts estimated fuel switching could add 250,000 to 750,000 barrels per day of crude demand.

- Date: 2021-10-11 · published 2021-10-11T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/44717-oil-settles-up-1-5-hits-multi-year-highs-on-surging-demand-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Natural Gas](https://feedsoft.ai/c/NATGAS.md)

## Why it matters

Fuel switching from gas to oil adds sizable crude demand, reinforcing energy-cost pressure on fertilizer, drying and transport across agriculture.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- NATGAS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-11-10 | [Oil prices settle 1% higher on tepid U.S. inflation data \| Reuters](https://feedsoft.ai/events/38852-oil-prices-settle-1-higher-on-tepid-u-s-inflation-data-reuters.md) | -0.2% | -16.8% |
| WTI | 2024-08-22 | [Oil prices settle $1 up on hopes of a US Fed rate cut next month \| Reuters](https://feedsoft.ai/events/28696-oil-prices-settle-1-up-on-hopes-of-a-us-fed-rate-cut-next-month-reuters.md) | +3.7% | +0.1% |
| WTI | 2022-02-03 | [Canadian dollar forecasts turn more bullish as oil hits 7-year high: Reuters poll](https://feedsoft.ai/events/42925-canadian-dollar-forecasts-turn-more-bullish-as-oil-hits-7-year-high-reuters-poll.md) | +1.6% | +22.1% |
| WTI | 2016-12-28 | [Year-end flows drive C$, oil remains firm \| Reuters](https://feedsoft.ai/events/73699-year-end-flows-drive-c-oil-remains-firm-reuters.md) | +0.2% | +0.5% |
| WTI | 2017-10-31 | [Oil up near 2-year highs, analysts see more US crude exports](https://feedsoft.ai/events/68630-oil-up-near-2-year-highs-analysts-see-more-us-crude-exports.md) | +5.9% | +7.1% |
| BRENT | 2022-11-10 | [Oil prices settle 1% higher on tepid U.S. inflation data \| Reuters](https://feedsoft.ai/events/38852-oil-prices-settle-1-higher-on-tepid-u-s-inflation-data-reuters.md) | -0.1% | -16.9% |
| BRENT | 2024-08-22 | [Oil prices settle $1 up on hopes of a US Fed rate cut next month \| Reuters](https://feedsoft.ai/events/28696-oil-prices-settle-1-up-on-hopes-of-a-us-fed-rate-cut-next-month-reuters.md) | +2.5% | -4.3% |
| BRENT | 2017-10-31 | [Oil up near 2-year highs, analysts see more US crude exports](https://feedsoft.ai/events/68630-oil-up-near-2-year-highs-analysts-see-more-us-crude-exports.md) | +5.8% | +4.6% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-gains-energy-demand-rises-wti-tops-80-2021-10-11/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.