After increasing 8.2% in August, energy prices rose 9.5% month on month in September. This marked the second-fastest increase since the onset of the war in Ukraine and brought energy prices to their highest level since November 2022.
The rise in energy prices was driven by higher prices for all of the commodities covered in our report. Data released in September showed that the cuts to crude exports and output put in place in July by Russia and Saudi Arabia, respectively, led observed oil stocks to fall to their lowest level in 13 months in August. In September, both countries pledged to extend these cuts until the end of the year, setting the scene for a rally in oil prices, which in turn helped raise the spot prices of other energy commodities. Further momentum came from better-than-expected economic data for China released in September, as well as maintenance work in top natural gas producer Norway.
Energy Historical Price Data
Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
---|---|---|---|---|---|---|---|---|
European TTF Natural Gas | - | - | - | - | 31.46 | 31.99 | 60.51 | 36.90 |
Diesel | - | - | - | - | 3.00 | 3.93 | 3.52 | 3.45 |
Australian Coking Coal | - | - | - | - | 484 | 454 | 249 | 278 |
Uranium U3O8 | - | - | - | - | 49.08 | 53.63 | 49.46 | 50.10 |
Brent Crude Oil | - | - | - | - | 97.96 | 112.08 | 97.72 | 88.64 |
WTI Crude Oil | - | - | - | - | 94.94 | 108.92 | 93.24 | 82.66 |
RBOB Gasoline | - | - | - | - | 2.81 | 3.68 | 2.89 | 2.48 |
U.S. Henry Hub Natural Gas | - | - | - | - | 4.57 | 7.50 | 7.93 | 6.11 |
Australian Thermal Coal | - | - | - | - | 266.68 | 364.94 | 417.51 | 379.81 |