John Kemp

Portfolio investors have rebuilt their position in crude oil after reassurance from Saudi Arabia and its OPEC⁺ allies that any planned future increases in production would be contingent on market conditions.

But futures markets are forward-looking and traders appear to be anticipating a much tighter supply situation that would underpin the higher prices and spreads over the next few months

China's record-breaking deployment of wind and solar capacity has worsened regional power imbalances, forcing the country to idle increasing amounts of renewable generation when it overwhelms local consumption.

Europe’s gas storage is filling more slowly than normal this summer, which has reduced the probability space will run out before the onset of the main winter heating season.

U.S. crude oil inventories have depleted faster than normal over the last four weeks – squeezing hedge funds running short positions, keeping spot prices firm and the futures curve in a steep backwardation.

US oil and gas production shows further signs of flattening out or turning down, a delayed response to the decline in prices over the last two years after the initial shock caused by Russia’s invasion of Ukraine in early 2022.

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Europe's record gas surplus inherited from the winter of 2023/24 has been largely eliminated following an unusually small accumulation…

China’s electricity consumption smashed the previous record in July as a prolonged heatwave settled over major load centres, especially in the Yangtze Delta, driving an enormous increase in air-conditioning and refrigeration.