The Commodities Feed: Unfavourable weather pushes softs higher | article

October 24, 2023

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Energy: Volatility remains high with focus on the Middle East

Crude oil prices have been trading firm this morning after falling by around 2.5% on Monday to below US$90/bbl as the uncertainty in the Middle East keeps the energy market volatile. Although there was no further escalation in the Israel-Hamas conflict yesterday, the market remains on edge and the focus continues to be on any further developments within the region.

The International Energy Agency (IEA) released its annual World Energy Outlook today. In its base case scenario, the agency estimates that global oil demand could see a peak of around 102MMbbls/d by late 2020s and volumes may shrink from there on due to the transition to cleaner energy, especially in the transport sector. Similarly, the agency estimates global natural gas demand to peak by the end of the current decade as…

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