Oil The downward trend in prices continues. Brent crude fell below $90. Oil prices are decreasing due to the expectation that demand will decrease in the EU and the USA, and the risk of recession due to high inflation.
Also on the Chinese side coronavirus The increase in the effects of the pandemic and the presence of quarantines reduce the demand for oil as it will cause a decrease in production.
While Brent oil is priced below $90 in international markets, it is almost flat today at 88.3 dollar level is traded. Thus, oil fell to the lowest level since January 19, 2022.
WARNINGS ARE MADE FOR SAVING ENERGY
Due to the energy shortage in Europe, air conditioners will be adjusted to certain degrees, while the degrees of heating in residences will be lowered. Thus, EU countries aiming to get out of the energy bottleneck aim to minimize energy purchases at high prices. Yet natural gas It is not possible to predict how successful the EU countries, which cannot fill their warehouses, will be with the savings method.
NATURAL GAS PRICES HAVE ALSO DECLINED
Natural gas prices in Europe accelerated their decline compared to the previous day. The weakening of industrial demand and the EU Commission’s plans to impose a maximum limit on energy prices are effective in the decrease in prices.
EVEN IF THE PRICES ARE LOWER, IT IS 4 TIMES EXPENSIVE COMPARED TO THE SAME PERIOD OF LAST YEAR
Although there has been a decrease in prices, natural gas prices are about 4 times more expensive compared to the same period of last year.