Commodity Market Report
Europe energy prices: January 2025
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Europe energy prices provides a comprehensive outlook for fuels, carbon and power prices in Europe to 2050. Oil prices are set to weaken by $2–3/bbl compared to spring forecasts, with demand peaking at 108.7 mb/d in 2031 before declining. Risks include Middle East tensions and OPEC+ strategies. Gas prices remain volatile due to geopolitical risks, but LNG supply growth from 2026–2029 will pressure prices down. Coal prices stay suppressed amid falling EU demand. Carbon prices remain weak but are supported by market rules and gas prices. Power prices stay high until 2030 before falling with decarbonization.
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