Energy Prices

Energy prices increased 1.7% month on month in November, following October’s 3.5% fall.

Energy prices bucked their seven-month downtrend in November, increasing largely thanks to a sharp rise in U.S. natural gas prices, which were boosted by cold weather and record exports of liquefied natural gas. Moreover, Australian coking and thermal coal prices recovered from their multi-year lows, with reduced charges tempting Asian buyers and weak production in China stoking imports. Finally, diesel prices rose amid refinery outages, Ukrainian strikes on Russian facilities, India’s shift away from Russian crude, and U.S. sanctions on Russian oil majors. On the flipside, crude oil prices continued to slip as OPEC+ continued to raise output quotas and uranium prices retreated due to an improved supply outlook.