What is the effect of economic conditions and world events?

During periods of economic growth, demand for energy rises to keep assembly lines moving and plants operating. When we experience economic slowdowns, demand decreases. But there’s another factor at play here: industrial energy consumers can often switch between oil and natural gas. War such as the one with Iraq or the disruption of Venezuelan oil production can affect oil prices. Since natural gas can often be used instead of crude oil, a rise in oil prices often means natural gas prices also rise.