Energy commodity price have fluctuated sharply in recent weeks. In Europe, coal and natural gas prices have fallen significantly (about -20% in USD on the month). The rebound was primarily ascribable to oil, with a new moderate negative supply shock on the back of OPEC+’s announcement that it would slash output by 2mbbl/day. After bottoming out at USD87/bbl on 27 September (USD87), the oil price (spot) has regained 5% (at last Friday’s prices).