Following sizzling rallies in the prices of energy commodities in 2021, we expect prices to ease back in 2022 on the back of lower growth in demand and improved supply. Current high prices will incentivise producers to raise output and will lead to some rebuilding of global stocks by spring 2022, which will allay fears about supply. Of course, the main risk to our forecasts, particularly for natural gas and coal, is unseasonable weather which could keep prices higher for longer.
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