Month In Markets – January 2025: A Cold Start, A Volatile Future

January 2025 kicked off with a paradox: a winter that should have been bullish for energy markets instead opened with a slide in prices, only to reverse later in the month as colder weather, geopolitics, and supply chain constraints returned to the forefront. Markets started the year lulled by stabilising gas supplies and robust LNG imports, but the illusion of calm was short-lived. By the latter half of the month, price volatility was back, driven by shifting weather patterns, European storage withdrawals, and renewed geopolitical disruptions.

So where do things stand? And what does this mean for the months ahead?