Strait and narrow

International oil and gas benchmarks have traded well above pre-crisis levels since conflict began in Iran in late February, with the sharpest reactions in European and Asian gas markets, up 40% to 60%, while Brent crude oil sits roughly 20% higher. This impact has affected power markets worldwide due to the price-setting role fossil fuels play, directly in liberalized markets and more indirectly elsewhere. The chart below shows both the United States and Europe at multi-year highs for average first-half wholesale power prices. In Europe's case, prices have not been higher since the 2022 gas ...

Den vollständigen Artikel lesen ...