As 2025 draws to a close, our view that energy prices would fall has proved pleasingly accurate, with the price of Brent crude currently exactly in line with our long-standing forecast of $60pb and our diagnosis of a glut in the LNG market playing out nicely. Looking ahead, abundant supply will remain the dominant factor in energy markets in 2026, while our forecasts for gold and silver prices to fall next year stand in stark contrast to the most bullish analyst expectations.
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