In this Energy Watch, we look at what the war in Ukraine means for the thermal coal and natural gas markets in 2022. Under our central scenario based on existing Western sanctions, we think Russian coal and gas exports will fall, but we suspect that the global coal market will be less affected than the gas market. Under our extreme scenario of the West completely banning Russian energy exports and/or Russia unilaterally halting its energy exports, there would be limited supply elsewhere to compensate.
Commodities Drop-In (24 March, 11:00 EDT/15:00 GMT): Our Commodities team will be exploring how the war in Ukraine is shaking up commodity markets, from oil to wheat, while tackling some of the big market questions – not least whether we’re in for 1970s-style oil supply shocks. Register here.Become a client to read more
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