Oil prices fall 15% due to coronavirus, expert says
There has been a dramatic drop in energy prices.
Naturgy Ireland's latest report shows gas prices plummeted by 52% year on year, when compared to the same time in 2019.
Electricity prices slid by 47%.
“There is great value currently in the energy market," said Naturgy Energy Analyst, Lauren Stewart.
The Coronavirus outbreak is being blamed for a fall in oil prices of over 15%, due to dwindling demand from China.
"However, we could see some volatility seep into gas prices into February as the Chinese coronavirus outbreak has unsettled the LNG (Liquefied Natural Gas) market,” she added.
Oil prices averaged $63.59/bbl in January marking gains of 6% year on year.
The agreement on a trade deal between the US and China and easing tensions in the Middle East held prices in the €65/bbl range, according to the report.
With prices largely holding steady but considering the impact of the coronavirus, we could see downward movement in the coming weeks
