Against expectations, oil and gas remain cheap
OPEC has had little luck pushing up crude prices
In the months after Russia’s invasion of Ukraine any hint of bad news sent energy prices into the stratosphere. When a fire forced an American gas plant to close, strikes clogged French oil terminals, Russia demanded Europe pay for fuel in roubles or the weather looked grimmer than usual, markets went wild. Since January, however, things have been different. Brent crude, the global oil benchmark, has hovered around $75 a barrel, compared with $120 a year ago; in Europe, gas prices, at €35 ($38) per megawatt-hour (mwh), are 88% below their peak in August.
This article appeared in the Finance & economics section of the print edition under the headline “Failing to ignite”
Finance & economics June 24th 2023
- China’s economy is on course for a “double dip”
- Rebuilding Ukraine will require money, but also tough reforms
- Against expectations, oil and gas remain cheap
- Why investors can’t agree on the financial outlook
- India’s journey from agricultural basket case to breadbasket
- Can the West build up its armed forces on the cheap?
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