Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the potential impact of financial speculation on the volatility of the gas and oil commodity markets.

As internationally traded commodities, oil and gas prices are primarily driven by the underlying price in the global market of crude oil and natural gas. These are also influenced by exchange rates and a range of other supply and demand factors, including stock levels, logistics and distribution costs and seasonal demand variations. The reopening of the global economy following the pandemic and Russia’s illegal invasion of Ukraine have also contributed to increased pressure on oil and gas markets.