Our Energy Chart Pack has been updated with the latest data and our analysis of recent developments.
Oil prices have so far shrugged off disruptions to shipping in the Red Sea and the risk of wider conflict in the Middle East. Prices were supported by the OPEC+ decision to roll over production cuts until Q3. We expect that the group will gradually unwind the cuts over the second half of the year, pushing the oil market into a surplus in Q4. Natural gas prices have fallen sharply as the Northern Hemisphere heating period draws to a close and stocks remain plentiful. In Europe and Asia, both natural gas and coal prices should stay low as wind and solar capacity comes online and global LNG supply increases with the opening of new LNG terminals. In the US, natural prices should rise as production tapers off and demand from LNG terminals grows.
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