Illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: Europe and parts of Asia, after facing a severe energy crisis from mid-2021 to late 2022 due to skyrocketing prices and supply disruptions, are now experiencing a phase of stabilization
• However, 18-24 months later, energy inventories have become comfortable, and prices are returning to long-term averages, signaling an end to the acute phase of the crisis

🔭 The context: This change follows a period marked by Russia's invasion of Ukraine and subsequent sanctions, which significantly impacted global energy supplies
• The crisis was exacerbated by increased energy demands during the industrial rebound post-COVID-19

🌍 Why it matters for the planet: The transition from the crisis phase brings a more stable energy landscape but introduces new challenges
• Europe, for example, has shifted from Russian pipeline gas to more expensive LNG, impacting its industrial competitiveness
• This shift has broader implications for global energy markets and sustainability efforts

⏭️ What's next: Though the immediate crisis is over, future energy market shocks are likely
• The oil market has seen a surplus due to increased non-OPEC production and slower consumption growth
• In the gas sector, Europe's warm winter and reduced industrial demand, combined with an influx of LNG imports, have eased previous shortages
• Coal markets have also adjusted, with China ramping up production and renewable energy sources growing

💬 One quote: "There will undoubtedly be more shocks in future, but the disruption associated with the end of the pandemic and Russia’s invasion of Ukraine is over. Markets have adapted" (John Kemp, senior market analyst)

📈 One stat: Inflation-adjusted futures prices for gas in Europe averaged 48 euros per megawatt hour in November 2023, a significant decrease from 223 euros at the crisis peak in August 2022

Click for more news covering the latest on energy