Does Conflict in Ukraine Shift Global Energy Forever?

The war between Russia and Ukraine is a direct conflict between two of the world’s biggest commodity exporters, causing disruptions that will be felt for years. As European leaders seek to reduce or eliminate their countries’ exposure to Russian energy supplies and western companies voluntarily exit the country, maybe never to return, the conflict is reshaping global energy markets. 

In this episode of Market Currents, Jackson Hockley, Northern Trust’s analyst covering energy joins Chief Investment Officer Katie Nixon to talk through the ways Russia’s invasion of Ukraine and global reactions to the war are upending expectations for producers and consumers as well as a hoped-for green energy transition. 

Hockley discusses: 

• The role that U.S. energy production plays in offsetting the loss Russian supplies of crude oil, natural gas and coal. 
• China’s position as an energy consumer amid the geopolitical shifts the conflict has spurred. 
• New challenges to a hoped-for green energy transition as energy security and decarbonization entail increasingly steep tradeoffs. 
• The potential for a beneficial reevaluation of global goals for energy and how they may be achieved. 

Jackson Hockley is the senior energy and materials analyst at Northern Trust. He has followed the energy sector for more than three decades and is responsible for macro analysis of the energy and materials sectors as well as individual company research and stock recommendations. Jackson is a CFA charterholder and holds a bachelor of science degree in investment finance from Arizona State University.