In the past week, nearly all commodity markets have crashed amid growing fears of a recession, but one commodity price continues to rise.
Meanwhile, other commodities, including oil, have slumped since mid-June as the Fed and other central banks hiked key interest rates by the most in decades to fight the highest inflation in more than 40 years, inflation that was exacerbated by surging energy and fuel prices. The aggressive rate hikes heightened fears in the equity and commodity markets that a recession is looming.
“This is the 1970s for natural gas,” Kevin Book, managing director at U.S. research firm ClearView Energy Partners, told“The world is now thinking about gas as it once thought about oil, and the essential role that gas plays in modern economies and the need for secure and diverse supply have become very visible,” Book added.
Not that Europe is not trying—projects for LNG import terminals have been activated from Greece to Germany and Finland, but it will take a while for Europe to break free from Russian gas dependence. The E.U.’s target is for this to happen by 2027. the importance of LNG during their summit in Germany at the end of June.
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