US Henry Hub surged on freeze-offs that cut nearly 10% of production, pushing prompt futures above $6 for the first time since 2022. LNG feedgas risk and low EU storage drove Dutch TTF higher despite milder forecasts.

Maduro’s arrest revived Venezuela oil optimism, but diluent shortages and degraded infrastructure cap near-term supply. Canada stays the USGC base load; SAGD is the upside.

Policy risk, geopolitics, and structural AI investment shaped markets in 2025, yet returns were resilient. Explore the year’s defining themes across equities, rates, oil, and gold, plus a detailed month-by-month timeline.