Oil prices are likely to remain subdued in the near term as the global economy continues to slow and risk aversion prevails. And while natural gas and coal prices could rise in the coming months as part of the usual season upturn in demand, the big picture is that they will still be historically low. Our forecasts suggest that while global growth will be weak in 2020, it will be picking up gradually over the course of the year. This should spark a revival in risk appetite and give a boost to most energy prices. We think coal will be an exception as ongoing efforts to de-carbonise and plentiful supply will limit the scope for price gains.
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