For global energy markets it’s a disaster-and as the world continues to get hotter it’s something producers, traders and government treasuries will have to live with long after the acute dislocation of the coronavirus has passed. The industry relies on cold weather across the northern hemisphere to drive demand for oil and gas to heat homes and workplaces in the world’s most advanced economies.
MOSCOW/ NEW YORK/ SINGAPORE: Even before the deadly virus struck, another menace confronted the global energy industry: the warmest winter anyone can remember.
Russia’s winter was so balmy that snow was trucked into downtown Moscow for New Year, and bears came out of hibernation. In Japan, ski competitions were canceled and the Sapporo Snow Festival had to borrow snow.
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