The energy market in 2025

In 2025, energy markets continued to normalise compared with the 2022 shock, yet volatility remained structurally higher than pre-crisis levels. Geopolitical tensions, shifting macro expectations and the growing weight of renewables in Europe reshaped price dynamics across oil, gas, power and EU carbon.

In our latest report, we provide a clear recap of the key drivers behind 2025 price moves and the indicators that will matter most for 2026 decision-making.

In this report, we explore:

• The macro and geopolitical factors that repeatedly moved market sentiment and risk premia
• Oil market dynamics: supply strategy, demand uncertainty and geopolitical triggers
• Europe’s gas balance: LNG dependence, storage dynamics and security-of-supply risk
• Power market outcomes: growing price dispersion, renewable variability and negative-price episodes

• EU ETS (CO₂): changing correlation patterns and the fundamentals shaping the carbon outlook
• A practical 2026 watchlist of the variables to monitor across European energy markets

Understanding these dynamics is essential for energy buyers, analysts and risk managers who need to anticipate repricing events and build robust market views.

Download the full report to access the complete analysis and the 2026 watchlist.

Download our full paper to gain deeper insights into the evolving power market and its impact on the global energy landscape.