Wind and solar energy are critical to the global decarbonization movement but pose some key challenges for energy security in terms of steady supply and steady pricing. Solar and wind are variable energy sources, which means that their production levels fluctuate according to external and uncontrollable factors including the weather, time of day, and the seasons. Plus, some people have solar panels on their houses, making them both energy producers and consumers with a two-way flow to grids which were built with only one direction of flow in mind. And then there’s the runaway growth in electric vehicle markets, which will also present a whole new source of stress for electric grids.
The increase in new exploration projects reflects the growth in demand for natural gas from Norway, following the Russian invasion of Ukraine and subsequent sanctions on Russian oil. Norway is Western Europe’s largest oil and gas producer, with an output of more than 4 million bpd, and the government aims to continue increasing production for several decades.
Electricity prices were a popular topic in global headlines in 2024. President-elect Donald Trump ran a campaign based on promises to slash energy prices for United States consumers. Ukraine is facing a brutal winter with punishing electricity costs on top of its already stressed and war-stricken economy. Europe is facing ever-higher rates of energy poverty and is desperately seeking solutions. But while problems surrounding energy prices are widespread, they are not exactly global.
The factors outlined—ranging from AI’s energy demands and geopolitical disruptions to countries’ net-zero goals and nuclear policy shifts—suggest a strong long-term case for uranium demand and higher prices. While near-term uncertainties may create volatility, the resurgence of nuclear energy globally positions uranium as a critical commodity for the future. By mid-2025, a rebound to levels of $90–$100 per pound seems increasingly plausible.
Energocom said on January 2 that consumption is expected to be higher by about 10 on January 3, but it will still cover demand. Electricity consumption of the right bank of the Dniester River was fully covered in the first two days of the year, the government’s crisis group announced on January 2.
The UN-backed alliance, which includes over 140 banks with more than $70 trillion (£56.5 trillion) in assets, was founded in 2021 with the goal of bringing the financial sector into alignment with the Paris Climate Agreement.
Last year’s oil market was dominated by algorithmic trading, amplifying every headline about market oversupply and Chinese demand into price swings that kept crude trapped in a narrow, disappointing range—well below OPEC+’s lofty production-cut goals. This year may not see much of a change in oil’s price amplitude, but the peaks and troughs could grow […]
Plug-in vehicles now make up about 8% of the US car market, only slightly more than last year, despite a rise in sales from the prior quarter’s 8% growth rate. A strong fourth quarter boosted total car sales, with the annualized 2024 rate hitting 15.9 million, up from 15.5 million in 2023
China’s very own state oil giants are saying it. CNPC said earlier this month that it expected demand growth to peak in 2025, moving the peak year from 2030, which was its prediction in 2023. The company cited electric vehicle adoption and LNG truck growth as reasons for its predictions, even though the record share of EVs in total car sales this year has failed to reverse China’s oil demand growth.
Crude oil and gasoline prices today are climbing, with crude oil posting a 2-1/2 month high and gasoline posting a 6-week high. Signs of US economic strength support energy demand and crude prices after weekly jobless claims fell to an 8-month low, and the Dec S&P manufacturing PMI was revised higher. Also, strong US jet fuel demand is bullish for crude after US jet fuel demand in October rose to a 7-year monthly high. Crude prices fell back from their best levels after the dollar index (DXY00) rallied to a 2-year high, and weekly US EIA crude inventories fell less than expected.