Lower gas prices

Published:

A fall in prices on natural gas and electricity outweighed a slight rise in the oil price in March. The producer price index fell by 2.1 per cent this month.

Written by: Kristin Johansen

Excess gas on the global market led to a substantial price fall in the spring of 2019. Low demand due to relatively high temperatures, combined with an increased supply of alternative energy, caused the gas price to fall in several European countries.

Electricity production and distribution was also subject to a decline in prices, due to rising levels in the Norwegian water reservoirs, in addition to a vast production of wind power within the Nordic market.

While gas and electricity prices fell, the price of crude oil and refined petroleum went in the opposite direction, as expected, after OPEC announced a cut in oil production last month. As for other industries, slight price increases somewhat toned down the overall fall in the producer price index this month. For instance, manufacturing increased by 0.4 per cent, mainly driven by price increases on food and metals.

Figure 1. Price indices. 2015=100

Energy goods PPI excluding energy goods
Dec 1999 30.65 65.43
Jan. 2000 30.88 65.65
Feb. 2000 33.21 66.27
Mar. 2000 33.93 66.53
Apr. 2000 29.54 66.6
May 2000 35.44 67.36
Jun. 2000 36.23 67.53
Jul. 2000 35.49 67.51
Aug. 2000 37.34 67.81
Sept. 2000 42.17 68.04
Oct. 2000 41.55 68.34
Nov.2000 42.35 68.27
Dec. 2000 34.69 68.27
Jan. 2001 32.08 68.38
Feb. 2001 34.72 68.85
Mar. 2001 33.44 68.91
Apr. 2001 34.55 69.1
May 2001 37.67 69.29
Jun. 2001 37.88 69.27
Jul. 2001 33.82 68.73
Aug. 2001 34.89 68.23
Sept. 2001 34.63 68.22
Oct. 2001 29.23 68.03
Nov.2001 27.24 67.85
Dec. 2001 27.13 67.64
Jan. 2002 28.01 68.05
Feb. 2002 29.02 67.89
Mar. 2002 32.05 67.9
Apr. 2002 33.23 67.83
May 2002 32.52 67.53
Jun. 2002 29.79 67.22
Jul. 2002 29.76 66.84
Aug. 2002 31.38 66.53
Sept. 2002 33.11 66.57
Oct. 2002 32.63 66.17
Nov.2002 29.48 66.37
Dec. 2002 33 66.4
Jan. 2003 35.47 66.14
Feb. 2003 36.39 66.46
Mar. 2003 35.34 66.84
Apr. 2003 30.18 67.07
May 2003 29.74 67.02
Jun. 2003 31.18 67.38
Jul. 2003 33.08 67.61
Aug. 2003 34.65 67.61
Sept. 2003 32.4 67.79
Oct. 2003 33.24 68.02
Nov.2003 32.86 68.44
Dec. 2003 32.33 68.55
Jan. 2004 33.71 68.89
Feb. 2004 33.91 69.74
Mar. 2004 36.15 70.03
Apr. 2004 36.15 70.45
May 2004 39.49 70.68
Jun. 2004 37.09 70.69
Jul. 2004 40.16 71.07
Aug. 2004 43.38 71.24
Sept. 2004 43.14 71.56
Oct. 2004 46.71 71.83
Nov.2004 39.8 71.51
Dec. 2004 37.27 71.22
Jan. 2005 40.23 71.69
Feb. 2005 42.17 72.59
Mar. 2005 47 72.45
Apr. 2005 47.13 72.66
May 2005 45.11 72.46
Jun. 2005 49.69 72.35
Jul. 2005 53.62 72.29
Aug. 2005 57.91 72.64
Sept. 2005 56.58 72.39
Oct. 2005 54.39 72.83
Nov.2005 52.07 73.22
Dec. 2005 53.19 73.96
Jan. 2006 57.65 74.67
Feb. 2006 56.65 75.69
Mar. 2006 57.84 75.55
Apr. 2006 62.24 76.43
May 2006 58.4 77.39
Jun. 2006 58.72 76.78
Jul. 2006 62.97 78.01
Aug. 2006 63.45 78.47
Sept. 2006 58.06 78.96
Oct. 2006 56.34 79.76
Nov.2006 54.7 79.84
Dec. 2006 54.62 79.67
Jan. 2007 50.31 80.66
Feb. 2007 51.2 81.54
Mar. 2007 52.61 81.98
Apr. 2007 53.99 82.3
May 2007 54.4 82.59
Jun. 2007 56.26 82.38
Jul. 2007 56.89 81.74
Aug. 2007 54.26 82
Sept. 2007 56.44 81.85
Oct. 2007 58.52 81.42
Nov.2007 64.91 81.46
Dec. 2007 64.99 81.65
Jan. 2008 67.6 81.88
Feb. 2008 68.41 83.21
Mar. 2008 68.5 83.86
Apr. 2008 73.1 84.01
May 2008 78.48 84.05
Jun. 2008 84.59 83.84
Jul. 2008 87.28 84.42
Aug. 2008 85.2 84.94
Sept. 2008 84.14 85.73
Oct. 2008 82.36 85.97
Nov.2008 75.52 86.12
Dec. 2008 69.16 86.05
Jan. 2009 69.77 85.88
Feb. 2009 67.36 85.64
Mar. 2009 67.42 85.24
Apr. 2009 67.06 84.77
May 2009 74.05 84.91
Jun. 2009 83.97 85.18
Jul. 2009 76.53 85.87
Aug. 2009 82.07 86.53
Sept. 2009 74.62 86.44
Okt. 2009 76.58 86.03
Nov.2009 80.8 86.01
Des. 2009 80.14 86.39
Jan. 2010 86.02 86.32
Feb. 2010 88.69 86.98
Mar. 2010 92.06 87.38
Apr. 2010 97.38 87.83
May 2010 96.1 88.45
Jun. 2010 99.81 88.42
Jul. 2010 99.48 88.9
Aug. 2010 99.88 89.1
Sept. 2010 99.03 89.47
Oct. 2010 99.05 89.54
Nov.2010 104.58 90.06
Dec. 2010 112 90.97
Jan. 2011 116.45 91.64
Feb. 2011 117.94 92.65
Mar. 2011 123.24 92.8
Apr. 2011 128.34 92.9
May 2011 123.2 93.17
Jun. 2011 121.63 92.72
Jul. 2011 125.15 92.66
Aug. 2011 119.88 92.32
Sept. 2011 124.01 92.15
Oct. 2011 124.12 92.24
Nov.2011 127.44 91.95
Dec. 2011 128.02 91.88
Jan. 2012 133.16 91.94
Feb. 2012 135.29 92.18
Mar. 2012 138.45 92.59
Apr. 2012 134.57 92.55
May 2012 129.26 92.62
Jun. 2012 120.59 92.95
Jul. 2012 123.31 92.93
Aug. 2012 129.71 92.11
Sept. 2012 126.9 92.28
Oct. 2012 128.21 91.93
Nov.2012 127.57 91.79
Dec. 2012 127.64 91.67
Jan. 2013 127.71 91.68
Feb. 2013 129 91.68
Mar. 2013 130.22 92.46
Apr. 2013 130.89 92.39
May 2013 125.44 92.55
Jun. 2013 125.43 92.29
Jul. 2013 130.38 92.88
Aug. 2013 131.77 93.69
Sept. 2013 133.08 93.52
Oct. 2013 131.11 94.03
Nov.2013 132.24 94.16
Dec. 2013 135.71 94.5
Jan. 2014 135.65 95.42
Feb. 2014 133.85 95.5
Mar. 2014 126.82 95.44
Apr. 2014 125.33 95.7
May 2014 123.13 95.77
Jun. 2014 124.14 95.75
Jul. 2014 121.85 96.61
Aug. 2014 119.62 97.11
Sept. 2014 119.27 97.38
Oct. 2014 118.5 97.63
Nov.2014 111.32 98.21
Dec. 2014 110.64 99.2
Jan. 2015 99.63 100.35
Feb. 2015 103.88 100.46
Mar. 2015 106.96 100.16
Apr. 2015 107.36 99.83
May 2015 107.66 99.43
Jun. 2015 108.23 99.48
Jul. 2015 103.09 99.71
Aug. 2015 94 99.84
Sept. 2015 93.66 99.8
Oct. 2015 94.85 99.76
Nov.2015 94.82 100.6
Dec. 2015 85.85 100.59
Jan. 2016 77.74 100.32
Feb. 2016 72.93 100.41
Mars.2016 75.13 100.41
Apr. 2016 76.59 100.29
May 2016 81.33 100.44
Jun. 2016 86.65 100.3
Jul. 2016 87.27 100.45
Aug. 2016 83.9 100.49
Sept. 2016 81.95 99.55
Oct. 2016 86.73 98.83
Nov.2016 91.41 98.84
Dec. 2016 100.84 99.26
Jan. 2017 101.31 99.46
Feb. 2017 106.37 100.48
Mar. 2017 103.81 100.5
Apr. 2017 97.99 101.04
May 2017 95.48 101.45
Jun. 2017 90.14 100.98
Jul. 2017 87.77 101.08
Aug. 2017 89.01 100.9
Sept. 2017 95.99 100.56
Oct. 2017 102.3 100.18
Nov.2017 108.55 101.27
Dec. 2017 115.99 101.02
Jan. 2018 121.7 102.6
Feb. 2018 114.42 103.08
Mar. 2018 116.21 102.72
Apr. 2018 124.58 102.77
May 2018 126.75 103.48
Jun. 2018 132.44 103.6
Jul. 2018 135.4 103.67
Aug. 2018 136.68 103.84
Sept. 2018 140.56 104.01
Oct. 2018 150.34 104.33
Nov.2018 141.52 104.12
Des. 2018 131.52 104.13
Jan. 2019 130.64 105.57
Feb. 2019 131.94 105.44
Mar. 2019 126.44 105.61