Extreme weather conditions, escalating geopolitical tensions, and soaring shipping costs are driving up the prices of commodities, such as natural gas, wheat, and Arabica coffee.
After three years of extreme volatility, many experts predicted that commodities prices would broadly stabilize in 2024. However, adverse weather conditions, escalating geopolitical tensions and soaring shipping costs are turning those predictions on their heads.
predicting a 22 percent chance that the current year will be the warmest year on record and a 99 percent probability that it will rank in the top five warmest years. data reveals that the first four months of the current year were the warmest in 175 years. Wild weather driven by climate change is elevating the cost of energy, food and fuel; increasing the frequency of natural disasters and raising insurance costs. According to Munich Re, last year, extreme weather and earthquakes inflicted global losses of $250 billion, a new norm for insurers. These wild weather patterns--coupled with geopolitical tensions--have changed the outlook for certain commodities.
Commodities Geopolitics Prices Oil Energy
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