VOLATILITY is expected to ease further in the energy market in 2024, as trade flows adapt to global sanctions. And while crude oil prices are expected to rise this year, analysts said there is unlikely to be a repeat of the wild swings seen in 2021 and 2022, despite mounting geopolitical tensions.

Market watchers noted that the global energy market was less volatile in 2023 compared to the preceding two years, when a combination of green initiatives, the Covid-19 pandemic and Russia’s invasion of Ukraine brought on “crazy spikes” in oil and gas prices.

Baldev Bhinder, managing director of energy and commodities law firm Blackstone & Gold, described 2023 as “a relatively subdued year” for commodities.