In 2020, the COVID-19 pandemic and associated lockdowns reduced economic activity, which constricted the demand of key commodities: in the EU alone, gas demand decreased by 3% and coal consumption by 20% from the previous year.

But as could have been foreseen, the post-pandemic economic recovery has now induced an upward surge of demand. Coupled with widespread inflation, electricity and gas prices have steadily increased throughout the summer, now hitting record highs. Behind the scenes, a number of factors are at play…