The easing of US-China trade tensions and the escalation of US-Iran geopolitical tensions has caused oil prices to surge in recent weeks. In contrast, the prices of natural gas and coal have slumped owing in part to ample supply of natural gas. Looking ahead, we think that a gradual pick-up in global economic growth will support all energy prices, but that the average prices of natural gas and coal will continue to decline in 2020 as natural gas supply continues to expand.
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