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Price Trends: Brent crude oil dipped -1% YoY in January CY25, while Henry Hub natural gas surged +36% YoY.
Market Performance: KLEN fell -4% YoY, impacted by lower oil & gas prices and geopolitical tensions in the US, Middle East, and Eastern Europe.
Upstream: Global outlook remains optimistic with increased exploration, production, and development activities.
Midstream: Stable due to strong LNG demand, though tanker rates are normalizing as more vessels operate at sea.
Downstream: Conventional fuel and biofuel demand is steady, but petrochemical recovery remains sluggish.
Outlook: OGSE and upstream players continue to lead, though market volatility is expected due to geopolitical risks and potential increases in oil production. Source: MIDF
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