ENERGY COSTS
Natural gas prices ease / Decline in crude demand continues / Industrial raw materials prices lower
 Recession concerns have turned down the heat on gas prices (Photo: Pexels/RODNAE Productions) |
The first drop in natural gas prices in months contributed to a 3.9% USD-based monthly decrease in September’s global energy commodity price index calculated by the Hamburg Institute for the World Economy (HWWI, Hamburg, Germany; www.hwwi.de).
The gas price shed 3.6% on the month after the previous strong increases, which included a more than 40% surge in August. Researchers cited full gas storage facilities and recessionary tendencies for the moderate monthly decline. However, last month natural gas cost more than double what was paid a year ago.
Related: Germany signs Middle East LNG supply deals / How to replace Russian gas imports?
The institute said bleaker growth prospects and the accompanying drop in demand pulled down crude prices 7.5% in September versus the previous month. Crude was 21.1% more expensive than at the same time last year.
Last month’s industrial raw material index fell nearly 6% from August and is now almost 15% lower than a year ago, according to the institute.
The gas price shed 3.6% on the month after the previous strong increases, which included a more than 40% surge in August. Researchers cited full gas storage facilities and recessionary tendencies for the moderate monthly decline. However, last month natural gas cost more than double what was paid a year ago.
Related: Germany signs Middle East LNG supply deals / How to replace Russian gas imports?
The institute said bleaker growth prospects and the accompanying drop in demand pulled down crude prices 7.5% in September versus the previous month. Crude was 21.1% more expensive than at the same time last year.
Last month’s industrial raw material index fell nearly 6% from August and is now almost 15% lower than a year ago, according to the institute.
20.10.2022 Plasteurope.com [251377-0]
Published on 20.10.2022
German version of this article...