Oil Price Jumps Above $80 and Natural Gas Races Higher, Turbocharged by Supply Shortages
Crude prices are outpacing copper and other commodities by the widest margin in more than a decade
Traders expect oil and natural-gas production will be limited by a global push to lower emissions and a scramble to secure supplies.
ByAmrith Ramkumar
Updated Oct. 11, 2021 2:51 pm ET
The extended climb in oil prices is leaving some other industrial commodities behind, a divergence that reflects bets that energy supply shortages will offset any slowdown in the global economy.
U.S. crude rose 1.5% to $80.52 a barrel on Monday, closing above $80 for the first time since late in 2014 and bringing its climb since the end of last October to 125%. Oil is now on track to outpace copper this year by the largest amount since 2002 and is topping an index of raw materials by the biggest margin in more than a decade, according to Dow Jones Market Data. Like oil, natural gas is also far outpacing other commodities.