AMPD - Oil, Gas And CO2: Comfortable Energy Fundamentals Vs. Growing Supply Risks
2025-01-22 07:45:00 ET
Summary
- The 2025 oil balance looks comfortable which should see prices edge lower. However, sanctions are a clear risk to this view.
- We also expect weakness in European gas despite the stoppage of Russian pipeline flows through Ukraine.
- For European carbon, we believe the market is set for some moderate gains.
Call 1: Oil market to be in surplus but growing supply risks
Oil prices have had a strong start to the year on the back of stricter US sanctions against the Russian energy sector and colder weather supporting demand in parts of the Northern Hemisphere. In addition, the decision from members of OPEC+ to extend additional voluntary cuts has reduced the scale of the surplus that was initially expected for 2025....
Oil, Gas And CO2: Comfortable Energy Fundamentals Vs. Growing Supply Risks