Here are some major energy themes that I think will profoundly impact global markets this year:
US shale oil production growing increasingly gassier with a plateau seen in crude production.
Major disappointment in non-OPEC supply growth continues.
US natural gas supply & demand mismatch towards the end of 2025 will cause a major price spike.
OPEC+ will be slow to increase production, which will push oil prices higher (from today) and keep prices rangebound.