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Intensification of the Prices Volatility for Oil and Natural Gas

Author

Listed:
  • Petre Prisecaru

    (European Studies Center, Institute for World Economy Romanian Academy)

  • Paul Calanter

    (European Studies Center, Institute for World Economy Romanian Academy)

Abstract

Energy prices are generally more volatile than the prices of other commodities. This is because shortterm energy demand responds more quickly to the impact of economic growth than to price changes. This paper aims to analyse this phenomenon. Therefore, when an energy shock occurs, an important price change may be necessary to influence the market. Currently such shock has been caused by the COVID-19 pandemic, which has produced the biggest sustained change in demand since World War II. In the medium to long term, energy prices will rise if investment will not be on an upward trend, which seems unlikely given the current environmental protection guidelines adopted by many countries around the world. In our paper we argue that supply and demand shocks and high price volatility are likely to continue to weigh on the energy market and the global economy.

Suggested Citation

  • Petre Prisecaru & Paul Calanter, 2022. "Intensification of the Prices Volatility for Oil and Natural Gas," Global Economic Observer, "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences;Institute for World Economy of the Romanian Academy, vol. 10(2), pages 46-52, December.
    • Handle: RePEc:ntu:ntugeo:vol10-iss2-46-52
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    File URL: http://www.globeco.ro/wp-content/uploads/vol/split/vol_10_no_2/geo_2022_vol10_no2_art_005.pdf
    File Function: First version, 2022
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    Citations

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    Cited by:

    1. Darko B. Vuković & Senanu Dekpo-Adza & Vladislav Khmelnitskiy & Mustafa Özer, 2023. "Spillovers across the Asian OPEC+ Financial Market," Mathematics, MDPI, vol. 11(18), pages 1-23, September.

    More about this item

    Keywords

    energy; volatility; prices; policies;
    All these keywords.

    JEL classification:

    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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