On the backs of geopolitical turmoil and tight supply, energy prices surged last year. However, analysts and government data expect wholesale U.S. power prices to drop in 2023 as the cost of natural gas falls and cheap renewable electricity expands.
On the other hand, China’s reopening is anticipated to be a major tailwind for the oil and gas sector this year. According to Energy Aspects, FGE, S&P Global Commodity Insights, and Wood Mackenzie, Chinese crude oil imports could increase to an average of 11.8 million barrels per day (bpd) this year.
