Energy Prices

Energy prices decreased 1.6% month on month in November, following October’s 3.4% rise.

Energy prices dropped for the third time in four months in November. The price of crude oil, the world’s most important energy commodity, led the decline, falling for the fifth time in seven months, as geopolitical tensions cooled and OPEC+ unity appeared to fray in the face of rising competition from non-cartel producers. The natural gas market was more frothy, with U.S. natural gas prices rising for the third straight month on colder weather plus a surge in liquified natural gas (LNG) exports to Europe, with demand there also rising as a result of lower temperatures. In the coal market, price movements were generally less acute, with a surge in Chinese demand offset by strong Chinese production. Finally, uranium prices continued on their downward trend but remained at historic highs.