Decline in oil prices considered unusual, while natural gas prices may surge imminently
In an unexpected turn of events, the oil market has experienced a significant drop in prices following the US strike on Israel, according to research by Rystad Energy. Contrary to previous Middle East conflicts, this price slide is an outlier, as oil prices typically rise in such circumstances.
Oil prices dropped below $70 a barrel at a certain point, a notable decrease that accelerated in the aftermath of Iran's retaliation, as per Artem Abramov, Head of New Energies Research at Rystad Energy. This unexpected decrease was also confirmed by Artem Abramov in separate statements.
The initial reaction in Asian markets to the US strike on Israel was minimal, according to Abramov. Despite the geopolitical tensions, the market seemed to remain relatively stable, at least in the early stages.
Occidental, an oil company, reported on these price developments following the US attack on Israel. The company's CEO spoke about the reaction of oil prices to the attacks, shedding light on the unusual behaviour of the market.
As the world is currently forced to go digital more than ever before just to stay connected, it's worth noting that platforms like gasworld offer in-depth content to its subscribers every month, providing valuable insights into the gas industry. Subscribing to gasworld grants access to hundreds of features, making it a valuable resource for industry professionals and enthusiasts alike.
Read also:
- International powers, including France, Germany, and the UK, advocate for the reinstatement of sanctions against Iran.
- Companies urged to combat employee resignation crisis, as per findings from the Addeco Group
- Republicans advocate Trump's domestic policy plans in Iowa, though some business owners remain skeptic
- International discussions on plastic waste management might be shaped by China pledging to reduce plastic production levels.
