LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on tracking commodity price movements and shortages in the US energy market to help companies reduce the impact of COVID-19.
Today, companies across all categories are largely impacted by the outbreak of COVID-19 pandemic. They are finding it hard to navigate the economic slowdown and sustain their market share. The energy sector in the US is no exception. Oil production in the US is expected to fell by several million barrels per day, thereby, creating the extreme global supply surplus ever recorded in the US. Consumption in different industries is on the decline and prices could reach a new bottom. Hence, it becomes imperative for businesses to keep a close watch on markets and track commodity prices movements to manage the impact of COVID-19.
At SpendEdge, we provide a detailed analysis of the current pricing and possible fluctuations in the price of cost elements. We track commodity price movements and shortages to help companies make informed decisions and navigate through the crisis.
Impact of COVID-19 on the Energy Market
Impact on LNG supply
Operators in the US are extensively focusing on limiting the impact of the virus. They are delaying non-critical maintenance and adjusting workforce patterns to keep the production going. This has not hampered the current output, but uncertainty still prevails due to the rising number of coronavirus cases in the US. Companies must track commodity price movements considering the risks to demand to analyze the growth of the LNG market.
Want to better understand the impact of COVID-19 on LNG supply? Request a free proposal to gain insights into our customized solutions.
Impact on the crude oil market
As the demand for oil is dropping in the global market, the crude oil market in the US is facing numerous challenges. The downward pressure in the demand is impacting the crude oil price significantly. Statewide lockdowns and discounts offered by Saudi Arabia to secure sales are compelling companies to monitor commodity price movements to make informed decisions. While assessing the impact of COVID-19, companies should consider Russia's potential to ramp-up supply. To analyze the impact of COVID-19 on the crude oil market and track commodity price movements, get in touch with our experts now!
Impact on the US solar market
Statewide shutdowns are confining workers to homes and solar companies are finding it difficult to keep the workers on the line. Some companies have framed their workers as “essential” in the face of the state-, city- and countywide shutdown order despite the rising risk of the virus. However, such measures would not be able to propel the growth of the solar market when companies like Tesla have decided to shut their facilities in New York to address the impact of COVID-19.
To minimize the impact of COVID-19 and track commodity price movements in different categories, reach out to our analysts now!
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SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
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