”As many places begin to see colder temperatures, and even a first snowfall, natural gas prices are surging due to the winter cold. In our Research Weekly’ our analysts share their views on the energy market, utilities prices and consumer cyclicals going into 2025. The shift in the forecast for Europe over the past days towards cold weather and soft wind conditions added fuel to the gas price rally. Europe’s gas demand trends lower for structural and cyclical reasons. Overseas imports have fully replaced Russian inflows, and there is no visible gap. With regard to utilities, we expect headwinds in 2025, as rising long-term yields and stronger economic activity typically weighs on this defensive, bond-proxy sector. We favour US consumer cyclicals, which stand to benefit from stronger economic prospects, while remaining cautious on their European counterparts.”
Læs hele analysen her
Morten W. Langer
