Showing posts from September 18, 2022

Crude oil price: will the rate hikes and inflation dampen the demand further in the coming months?

Crude oil price on Thursday Jacob Rees-Mogg, the new Business Secretary of the United Kingdom, made it clear today that the moratorium on fracking has been lifted, paving the way for larger explosions in the process of extracting trapped gas in order to ease the supply crisis.  With the moratorium gone, the fracking firms will be allowed to cause explosions beyond 0.5 on Richter Scale - up to 2.5. Mr Rees- Mogg went on to say that without the ban being lifted, no fracking would take place. Understandably, the environment groups across the country will be up in arms against the move. Their protests, however, will be overshadowed by the concerns of millions of people, currently battered on many fronts due to the energy crisis and rising inflation. Credit: NYU publishing The British government is fully aware of the concerns of the local residents in the fracking areas, though: it is known that fracking could potentially cause 'mini earthquakes' and the former plans to offer

Europe's Winter of Discontent amidst gas shortages and high energy prices

  source: Anadolu Data The positive correlation between the prices of crude oil and LNG, liquified natural gas, has been continuing this week too, eclipsing the significance of the US crude oil stocks in the game of determining the current price of the commodity. As of 13:00 GMT, the prices of WTI, Brent and LNG were at $85.88, $92.19 and $7.83 respectively.  At present, as far as the EU is concerned, 66% of its collective gas storage, 100 billion cubic meters, is full; the EU set a target of 80% by November for the member states, before Russia closed Nord 1 stream pipeline - citing the urgent repairs. Understandably, not only are the members of the EU scrambling to fill the gaps in their storages, but also are trying to achieve the collective target agreed upon, in order to alleviate the anxieties of the public over the supply crisis in winter. With the prices of oil and gas at record levels, the public discontent is simmering in the EU: there have been pockets of significant pro

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