Some relief in the European energy crisis
Jan 03, 2023
There appears to be some relief in the European energy crisis. This is mainly due to the milder weather we have been experiencing so far this winter. We also witness a silent change in the political mindset as we read for example it becomes more somewhat more acceptable for the German Green Party to slow down the exit from coal. Another factor is less global economic activity reducing demand for oil. While the situation remains fluid and uncertain, energy prices have fallen back to the levels of before the Ukrainian war and oil prices are down 30% from their peak. While it is too early to cry victory, there is not only bad news in January 2023.