How coronavirus is crushing the oil and gas market
The coronavirus outbreak in China and its spread around the world is crushing the oil and gas market. Oil is down a fifth and liquefied natural gas has fallen to record lows, putting producers in a jam while bringing price relief and buying opportunities for many consumers such as India. Sanjeev Choudhary delves deeper.
CRUDE TAKES A KNOCK
Crude oil is at $55 a barrel, down 20% ($13) since Jan 7, when Chinese authorities announced the coronavirus outbreak.
NATURAL GAS AT NEW LOWS
LNG prices in Asia have sunk to below $3/mmBtu as China rejects shipments, forcing traders to look for other markets.
