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Oil and gas prices keep steady despite Red Sea attacks

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Oil and gas prices keep steady despite Red Sea attacks By Proactive Investors

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Published Dec 19, 2023 12:33
Updated Dec 19, 2023 12:45

© Reuters Oil and gas prices keep steady despite Red Sea attacks

Proactive Investors – Oil and gas supplies aren’t expected to be hugely damaged by the spike of attacks in the Red Sea, analysts believe.

Indexes, which estimate the prices of energy in the future, remain in contango, an upward trajectory, empathising that the physical market still has a steady supply of oil and gas.

“Watch for this to flip into backwardation to indicate stress about delivery schedules,” Neil Wilson at Finalto said.

The UK has joined a US-led 10-nation coalition to provide security for the trade route, which led to falling crude and gas prices on Tuesday.

Its estimated 9 million barrels of oil travel through the region daily and when disruption occurred back in 2021 it cost US$9.6 billion per day.

Prices reached a two-week high on Monday after BP (LON:BP) and other companies said they would be pausing shipping routes going through the Red Sea.

It comes after Houthi rebels in Yemen started attacking ships in a bid to support Palestine and intersect vessels heading from or to Israel.

Ships travelling through the Red Sea can get to the Mediterranean through the Suez Canal, making the path plays a vital link between Asia and Europe – with the alternative a longer and costly journey around the West of Africa.

Brent Crude was down 0.13% to US$77.85, while gas prices dropped 2.68% to US$2.436.

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Oil and gas prices keep steady despite Red Sea attacks

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