Energy prices will likely be volatile in the first quarter of 2023 as geopolitical uncertainty continues, Deloitte said.
After breaching the US$100 mark for the first time in close to a decade earlier in 2022, crude oil prices slid in the back half of the year as interest rates rose, then rallied briefly as China started moving away from its zero-COVID policy.
Other major factors for oil prices have included OPEC-plus production cuts and moves to cap the price of Russian crude which Deloitte says could lead to disturbances in global supply, while natural gas prices have been influenced by regional weather forces and storage levels, especially in Europe. He said the widening differentials between Canadian and U.S. oil prices will likely continue into 2023.
That means companies may focus more on piloting and policy development this year before making multibillion-dollar investments in longer-term projects, said Botterill.Though there’s a lot of attention on longer-term sustainable energy projects, Botterill said energy companies will approach these investments with caution, not just because of the economy but also because of uncertainty around government policies.
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Energy price volatility to continue in 2023 amid geopolitical uncertainty: DeloitteDeloitte's energy, oil and gas price forecast released Monday says energy prices will likely be volatile in the first quarter of 2023 as geopolitical uncertainty continues.
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Energy price volatility to continue in 2023 amid geopolitical uncertainty: DeloitteEnergy prices will likely be volatile in the first quarter of 2023 as geopolitical uncertainty continues, Deloitte said.
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Energy price volatility to continue in 2023 amid geopolitical uncertainty: DeloitteEnergy prices will likely be volatile in the first quarter of 2023 as geopolitical uncertainty continues, Deloitte said.
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