The global energy sector enters late February 2026 defined by a "double-track" momentum: a persistent supply surplus in traditional fossil fuels and an unprecedented acceleration in electricity demand driven by the digital economy. Crude Oil and Liquid Fuels The crude oil market is currently navigating a period of downward price pressure. Brent crude is trading near **$69.67** per barrel, while WTI sits at **$64.34**. This reflects a year-on-year decline of approximately **5% to 8%**. A significant supply surplus is the primary driver of this trend. Global inventories reached a four-year high of **8.03 billion barrels** at the start of the year. Analysts project this surplus could expand by **2 million to 3.7 million barrels per day** throughout 2026. Despite this bearish outlook, prices remain sensitive to a "geopolitical premium." Tensions in the Middle East and supply disruptions in Kazakhstan have prevented a steeper collapse. However, major financial institutions have lowered their year-end forecasts, with some expecting Brent to settle in the **$55–$60** range by the fourth quarter. Natural Gas and LNG Natural gas markets are showing signs of stabilization following the volatility of early winter. US Henry Hub futures are trading around **$2.79 per MMBtu**, down nearly **60%** from the peaks seen during January’s winter storms. In Europe, TTF prices have softened to approximately **$11.30 per MMBtu**. This is supported by healthy storage levels, which currently sit at **34.4%**—an improvement over previous crisis years but still below the five-year average. The long-term outlook for gas is defined by a massive expansion in liquefaction capacity. Global LNG supply is expected to rise by **7%** this year alone. This influx of "new molecules" is projected to drive European and Asian prices below **$10 per MMBtu** by late 2026. Power Markets and Grid Infrastructure The International Energy Agency has labeled 2026 the beginning of the "Age of Electricity." Global power demand is rising at **3.6%** annually, outstripping general economic growth for the first time in decades. This surge is fueled by three factors: the rapid build-out of AI data centers, record electric vehicle sales, and rising cooling needs in emerging economies. China and India are the primary engines of this growth, with India’s peak load rising by over **50%** compared to mid-decade levels. To meet this demand, the world is adding roughly **664 GW** of solar and wind capacity this year. Renewable generation now accounts for more than **one-third** of the global power mix. Key Economic Indicators Market participants are closely watching several critical metrics that define the current landscape: * **125 GW**: The amount of new energy storage capacity being added annually. * **13.7 million bpd**: Current US weekly crude oil production, maintaining record highs. * **20%**: The projected increase in transmission and distribution costs by 2030 due to grid upgrades. * **$4.31**: The forecasted average Henry Hub spot price for the full year 2026. The transition is creating a "molecule competition" where traditional gas infrastructure is being rapidly repurposed. New policy frameworks are accelerating the conversion of pipelines for hydrogen transport, while carbon capture networks are moving from pilot stages to industrial-scale reality in the North Sea and North America.