Rapidly rising energy costs have been making headlines this month after building steadily throughout the summer. Crude oil and natural gas prices have reached multi-year highs, with US benchmark West Texas Intermediate crude trading above US$80 a barrel for the first time since 2014 (up from the 2020 pandemic low of US$19.33 a barrel), while natural gas futures rose to their highest level since 2013.
In Europe, even faster-rising natural gas and power prices have raised the spectre of an energy crisis heading into winter. Natural gas prices in some parts of the continent reached more than US$30 per million British thermal units (BTUs) as several European countries began to compete more aggressively to secure supplies, including bidding against China for liquified natural gas (LNG) cargoes…
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