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Energy Chart Pack (Feb. 2024)

Our Energy Chart Pack has been updated with the latest data and our analysis of recent developments.

Energy prices have so far shrugged off disruptions to shipping in the Red Sea and the risk of wider conflict in the Middle East. If energy production continues to be largely unaffected, we expect most prices to fall further by the end of the year. Greater oil supply from OPEC+ members will outweigh higher oil demand in China and India. Meanwhile, the inexorable rise of wind and solar power, as well as a modest lift in nuclear power, will weigh on natural gas and coal demand in Europe and in Asia. US natural gas prices should buck this downward trend and rise in Q4 as LNG exports increase and the market starts to factor in the huge additions to US export capacity planned for 2025.

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