Our Energy Chart Pack has been updated with the latest data and our analysis of recent developments.
The agreement by OPEC+ to rollover voluntary production cuts into Q3 will keep global oil supply constrained and should support oil prices over the rest of this year. Meanwhile, natural gas prices have continued to rally on the back of risks to Europe’s supply and lower production in the US. While we expect TTF prices to fall back over the coming months as storage levels are comfortable, US natural gas prices still have scope to continue rising. Finally, growing electricity demand in Asia has supported coal prices in recent months. But we expect benchmark prices in Asia and Europe to fall this year as hydro power in China recovers and renewable output in most regions continues to rise.
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