Global energy prices were still higher than 2019 levels in 2024, owing to a growing demand for gas and electricity, and disruptions in the supply chains of fossil fuels. The post-pandemic inflation, Russia’s invasion of Ukraine, and the conflict in the Middle East have caused the monthly
to reach unprecedented highs in the last few years, peaking at 376 in August 2022. Showing a downward trend in 2023, the annual
was projected to record a slight decrease by 2025.
Crude oil – the primary energy benchmark
Crude oil is the greatest
source of primary energy in the world. For this reason, changes in this raw material's prices may have a wide-ranging effect on economic performance and are immediately noticeable in the pockets of consumers. The
average annual price of crude oil rose from a pandemic low of less than 40 U.S. dollars to a 10-year high of over 100 U.S. dollars by mid-2022 across all major benchmarks: Europe’s Brent oil, the U.S. West Texas Intermediate, and
OPEC basket. Crude oil prices are projected to decline in the upcoming two years due to an unprecedented large production of this fuel in 2023.
Natural gas, coal, and uranium
Natural gas, coal, and uranium are the dominant fuel types used by the energy sector for the generation of electricity and heat. Their price changes are often a reflection of changes in electricity demand and fuel supply. In Europe,
Dutch TTF gas futures recorded multiple spikes in the months following Russia’s invasion of Ukraine. With pipeline flows at times severely restricted or stopped altogether, market uncertainty remains over the future security of gas supplies to the continent, which is reflected in the volatile development of these prices. By comparison, the average spot price of the Henry Hub benchmark in the U.S. has fallen to an all-time minimum in 2024 after spiking in 2022. According to a recent forecast,
worldwide natural gas prices will register a new increase by 2025, the U.S. spot prices keeping well below EU averages as observed in the last decades.
Coal prices have been on a mostly downward trend since 2023 and are projected to decline in 2025 and 2026 accounting for higher production and reduced consumption. As for uranium, the gap between supply and demand is set to grow, and experts forecast that this
metal’s price could more than double by 2025.
Impact of renewable energy
A rise in oil, gas, coal, and uranium prices has immediate repercussions for retail
electricity prices. Due to the costs associated with purchasing fuels, coal and gas also have notably higher
levelized costs than renewable sources such as wind and solar. It is thus projected that a transition to renewable energy would reduce electricity production costs and mitigate the impact of fossil fuel prices fluctuations.
This text provides general information. Statista assumes no
liability for the information given being complete or correct.
Due to varying update cycles, statistics can display more up-to-date
data than referenced in the text.
