Our Energy Chart Pack has been updated with the latest data and our analysis of recent developments.
Energy prices will fall in 2024, although we think the big falls are now behind us. Supply has not been directly affected, but the Israel-Hamas conflict together with the tensions in the Red Sea have increased volatility in energy markets. We expect oil prices to ease back this year as OPEC+ increases production, especially in the second half of the year. Subdued demand and solid LNG supply are likely to prompt a further fall in natural gas prices in Europe and Asia. Prices should fall again in 2025 as more LNG supply enters the market. Coal prices will probably continue to decline this year as renewables steadily displace coal in the energy mix.
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