Crude prices have been in steady retreat since peaking in June. Article content Last year’s seismic disruptions to energy markets made forecasting oil and gas prices particularly tough — and predicting the outlook for 2023 isn’t getting much easier amid persistent geopolitical uncertainty and fears of a global recession. Article content Since their peak last June, when benchmark West Texas Intermediate (WTI) spiked above US$120 per barrel in the wake of Russia’s invasion of Ukraine, crude prices have been in steady retreat. Article content The latest oil price forecast from Deloitte LLP suggests price volatility will continue through the winter as the energy sector scrambles to balance supply and demand in the face of a messy economic recovery in China, risk of a global recession and concerns about the fallout from a price cap on Russian crude. “I don’t think 2023 is going to be as volatile as what we saw in 2022,” Andrew Botterill, the author of the Deloitte report, said in an interview. “We sure hope we don’t have another Ukraine crisis pop up around the globe — that was extremely dramatic in 2022 — but I think in 2023, we’re going to see a lot of […]
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