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Natural gas prices have surged nearly 25% over the last month. Energy experts attribute the rise to cold weather expected in January and geopolitical issues around the globe.
Oil hit $65 a barrel, its lowest price since 2021, earlier this week, which DeHaan attributed to a combination of economic uncertainty and reduced demand in China.
The 2021–2022 global supply chain crisis further stressed the delivery of extracted petroleum. Additionally, as Europe sought to replace Russian gas, it bid up prices of U.S., Australian, and Qatari ship-borne liquefied natural gas (LNG), diverting supply away from traditional LNG customers in Asia. Because gas frequently sets the price at ...
In 2026, prices at the pump will fall further, to an annual average of $3.00 per gallon, the EIA said. The lower gas prices largely reflect the agency's forecasts for lower crude oil prices amid a ...
Inflation in New Zealand exceeded forecasts in July 2022, reaching 7.3%, which is the highest since 1990. [233] Economists at ANZ reportedly said they expected faster interest rate increases to counteract inflationary pressures. [234] In Fiji, inflation rose to 4.7% in April 2022 compared to –2.4% in 2021. [235]
Though both fell on June 10 with news about U.S. inflation and the expectation the Federal Reserve will act "aggressively", along with new COVID restrictions in China, WTI finished the first full week of June up 1.2 percent to $120.67, with Brent rising 1.9 percent to $122.01. [112] On June 11, the price of gas exceeded $5 for the first time. [113]
Natural gas prices surged more than 20% on Monday after a wave of forecasts over the weekend predicted incoming arctic air could set the U.S. up for the coldest January in a decade or more.
2021 Texas power crisis; 2021 United Kingdom natural gas supplier crisis and 2021 United Kingdom fuel supply crisis; 2021 global energy crisis. The record-high energy prices were driven by a global surge in demand as the world quit the economic recession caused by COVID-19 pandemic, particularly due to strong energy demand in Asia. [16] [17] [18]