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Commodity prices

What happened to the energy system in 2021 and why does it matter?

Energy and mineral prices increased in 2021 and continued to do so in 2022

Global energy prices increased sharply in 2021.

The most pronounced increase was in the price of natural gas. The UK NBP increased by over 350% to average $16/mmbtu in 2021.

Oil prices rose by around 70%, with Brent ending the year around $70/bbl.

Cobalt and lithium saw similar rates of increase, averaging $51,000/tonne and $11,000/tonne, respectively, in 2021.

Prices continued to increase in 2022. Lithium soared more than 400% in the first five months of this year, to a record level of $54,000/tonne.