Coronavirus continues to spread across the globe. That spread is also affecting the global economy, including the energy industry. Oil prices have dipped and the industry’s annual CERAWeek event in Houston has been called off over fears about the virus.
Matt Smith is director of commodity research at ClipperData. He says CERAWeek is an important networking event in the energy industry, as is International Petroleum Week, or IP Week, in London. That conference went ahead as planned, but many events connected to IP Week were canceled as a precaution.
Smith says energy prices are falling, along with equity prices, on fears of the impact coronavirus could have on demand for oil and gas.
What you’ll hear in this segment:
– Where crude oil and gasoline prices are, currently
– Why gasoline prices would normally be higher at this time of year
– How much of the impact to the energy industry is fear-based
Written by Shelly Brisbin.