As demand increases amid the pandemic, there is a shortage of supply – and prices are rising rapidly

Global energy markets are facing the perfect storm. Demand for energy shot up after China and other major economies began to recover from the pandemic. In Europe, a cold winter depleted gas reserves, while a long spell of still days reduced wind power supply to the grid. Meanwhile, CO2 prices have hit record levels. Russia, one of Europe’s biggest suppliers, had declined to increase supplies on the short-term spot market, although the Kremlin recently said it was starting to help out.

In Asia and Europe, energy prices are going in one direction: up. And the US is watching anxiously.

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