In June 2023, the price of Brent oil increased by 3.1% m/m. This continued the overall stable trend observed since May. However, there was a moderate rise in mid-June as Asian refiners boosted their purchases. Earlier in April 2023, oil prices surged rapidly following an announcement by OPEC+ regarding production cuts. Unfortunately, these price gains were short-lived, as worries about a potential global economic downturn caused the prices to quickly subside.
In June 2023, natural gas price was up 43.1% m/m due to extended production disruptions in Norway offsetting weak demand. The market also saw a considerable increase in price volatility, with the recent unrest in Russia adding to the turmoil in the market. Despite spike in June, overall prices are down from the start of the year, attributed to milder weather, slow global economic activity, and gas-saving measures in Europe.
