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Global temperatures lead to chaotic conditions
(MENAFN) The world is experiencing chaotic conditions due to unprecedented temperatures, with forecasts suggesting worsening conditions. There's a growing likelihood that this year will break temperature records, particularly as the Northern Hemisphere heads into summer. This trend is driving up prices for commodities like natural gas, energy, wheat, and soybeans. Additionally, disruptions in global shipping routes, compounded by drought-induced waterway stagnation, pose further challenges. The risk of devastating forest fires is also on the rise.
Extreme weather events, linked to climate change, are fueling inflation by increasing the costs of energy, food, and fuel. They also elevate the risk of significant damage and insurance expenses, making market predictions difficult. Munich Re reports global losses of USD250 billion from severe weather and earthquakes in the past year. Experts anticipate substantial jumps in natural gas prices in the US, as well as increases in wheat and coffee markets.
Data from the National Centers for Environmental Information indicates that the first four months of this year were the hottest in 175 years. There's a high probability that this year will rank among the top five hottest years on record, with a 61 percent chance of surpassing 2023 as the hottest year. Rising ocean temperatures also pose a threat, potentially leading to intensified tropical cyclone activity. The upcoming El Niño phenomenon could heighten hurricane activity in the Atlantic while exacerbating drought conditions in the western and southern US.
Edward Morris, a senior advisor at Hartree Partners, highlights the hurricane season in the Gulf of Mexico as a significant global risk. Despite other geopolitical tensions, such as the Russia-Ukraine crisis and conflicts in the Middle East, the hurricane season poses the most significant threat to the global economy and oil markets.
Extreme weather events, linked to climate change, are fueling inflation by increasing the costs of energy, food, and fuel. They also elevate the risk of significant damage and insurance expenses, making market predictions difficult. Munich Re reports global losses of USD250 billion from severe weather and earthquakes in the past year. Experts anticipate substantial jumps in natural gas prices in the US, as well as increases in wheat and coffee markets.
Data from the National Centers for Environmental Information indicates that the first four months of this year were the hottest in 175 years. There's a high probability that this year will rank among the top five hottest years on record, with a 61 percent chance of surpassing 2023 as the hottest year. Rising ocean temperatures also pose a threat, potentially leading to intensified tropical cyclone activity. The upcoming El Niño phenomenon could heighten hurricane activity in the Atlantic while exacerbating drought conditions in the western and southern US.
Edward Morris, a senior advisor at Hartree Partners, highlights the hurricane season in the Gulf of Mexico as a significant global risk. Despite other geopolitical tensions, such as the Russia-Ukraine crisis and conflicts in the Middle East, the hurricane season poses the most significant threat to the global economy and oil markets.
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