Oil and gas market experienced extreme volatility due to pandemic, but long-term demand outlook is positive.

From Yahoo Finance: 2024-06-18 23:40:08

Oil and gas prices have been impacted by a significant shock causing wild swings due to the pandemic, with Brent crude dropping to $14 a barrel in 2020 and peaking at $133 a barrel in 2022. US gas prices went from $1.77 to around $5 a gallon over the same period. Prices have since cooled, with Brent trading at $80 a barrel and gas around $3 a gallon, but a recession may impact demand. Energy prices are expected to trend higher in the long term, with a potential 42% increase in demand by 2050, requiring substantial investment in the industry.



Read more at Yahoo Finance: It will take years for the oil and gas market to recover from the ‘mother of all shocks,’ Harvard economist says