Record High Natural Gas Prices Will Send Oil Demand Even Higher

Record-high natural gas prices are prompting more utilities to switch from gas to oil derivatives, fanning the flames of an already strong oil price rally. A Reuters report quoted an OANDA analyst as saying that there were a lot of bullish factors for oil right now, and they weren't going away anytime soon. Among these factors was rising fuel demand due to growing economic activity and persistent fears that the coming winter will be cold and energy supplies will be tight. This means that the current deficit on oil—and gas—markets will…