Wars in Europe, Israel-Gaza lead to oil and gas price volatility
Prospects of war between Israel and Hamas growing into a broader Middle Eastern conflict is giving oil traders the jitters, leading to some oil and gasoline price volatility, while prospects for B.C. LNG exports appear to be confirmed by a continued increase in demand in Asia, according to the International Energy Agency .
Natural gas prices are also subject to some volatility, the IEA notes in its report, though it also points to mid-term demand growth in Asia. The report notes that, in Canada, natural gas demand increased as a result of power companies switching from coal to natural gas, but declined in the residential and commercial heating sector.
While the war between Russia and Ukraine initially led to drastically spiking gas prices, as countries like Germany scrambled to replace Russian natural gas imports by ramping up LNG imports – much of it from the U.S. -- it also led those countries to accelerate a transition away from fossil fuels. “While markets moved towards a gradual rebalancing in the first three quarters... of 2023, structurally higher gas prices pave the way for a slower and more uncertain demand trajectory, with growth almost entirely concentrated in Asia and the gas-rich markets of Africa and the Middle East,” the IEA’s gas market report predicts.
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