More turmoil in the energy market (again)

The energy market, generally known as dynamic, is about the same now as always. As reported at OilPrice.com, in 2022 Europe became the world’s largest importer of liquified natural gas (LNG). Nothing unexpected here, given Russia’s incursion into Ukraine early in 2022. As it became clear that this military action would drag on for some time, adapting to an energy market with much less Russian product became a primary concern.

The increased demand from Europe pushed up the price of LNG, but it could have been worse. Demand for LNG in China decreased, a byproduct of the Chinese government’s response to COVID-19. Meanwhile, an unusually warm winter in Europe dampened its demand. A case in point is Berlin, which is expected to see a high of 52 degrees Fahrenheit on Jan. 13. That’s 14 degrees warmer than its average high temperature for January. Paris also is forecasted to see a high of 52 degrees on Jan. 13, which is 6 degrees warmer than is common in January.

Recent Posts