The rebound in global economic activity this year will lead to a strong pick-up in demand for energy commodities. Arguably, this has already happened in the gas and coal markets as industrial activity has revived in both China and some developed economies. By contrast, oil consumption will remain subdued for a while longer in most economies until virus-related restrictions on leisure activity and travel are lifted, which we expect by Q3. That said, we also expect supply, particularly in the oil market, to bounce back and to increasingly act as a drag on prices as we move into 2022.
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