Energy prices will remain volatile for the next few months, but should fall back later this year as demand drops back and supply picks up. That said, the shortfall of supply over the last year or so means that energy stocks are now extremely low and will have to be rebuilt. In turn, this will support demand for a little longer than we had previously anticipated. For that reason, we have raised our year-end price forecasts, though we continue to expect reasonably significant declines.
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