In the Tokyo crude oil market on the 15th, futures prices have hit new year-to-date highs and remain at the highest level in three years due to rising demand for crude oil, especially in Europe.
On the 15th of the Tokyo crude oil market, the futures price for March next year, which will be the center of the transaction, temporarily exceeded 56,000 yen per kiloliter in the daytime transaction, hitting a year-to-date high.
Since October 2018, it has been at the highest level for the first time in three years.
This is due to the fact that demand is rising due to the movement to switch energy sources to oil, especially in Europe, where the price of natural gas is soaring, but the increase in production in oil-producing countries has not caught up.
Market officials said, "In addition to the movement in Europe, demand for oil for the full-scale winter is strong, and it is expected that demand will continue to exceed supply for at least the end of the year. Kerosene prices are likely to continue to rise. "
Crude oil prices have remained at the highest level in about seven years, with the WTI futures price, which is an indicator of international crude oil prices, exceeding $ 81 a barrel in the New York market on the 14th.