A Tale of Two Commodities: price of LNG falls and oil slightly up!
Prices of LNG and Oil on16 Feb 2024 As the feared 'R' word started doing rounds yesterday with Britain falling into recession, the energy markets have gone into shock-absorbing mode for obvious reasons; it goes without saying that the low manufacturing activity that inevitably stems from shrinking economic growth means less consumption in the main commodities such as oil and gas. Even before the official announcement by the British authorities about the country being in recession, the price of LNG, liquified natural gas, has been falling during the last two weeks. The United Kingdom was officially declared being in recession in line with the text book definition of the latter: there were two successive negative growths in the GDP during the third and fourth quarters in 2023 respectively. Image Credit: Office for National Statistics - United Kingdom As of 14:00 GMT, the price of LNG was at $1.61, whereas the same was $2.35, a year ago. The price of oil, however, has slightly g
