'Scars' of the energy play will linger in 2023

'Do not conflate investment return with current data'

Energy has arguably been the investment story of 2022, and one of its most contentious topics.

The oil and gas rally has been one of the few places to profit amid a maelstrom of macroeconomic headwinds, but its catalyst of Russia's illegal invasion of Ukraine has left a sour taste on the returns. When Russia invaded Ukraine on 24 February, it singularly ignited a sleeping energy crisis, which contributed to generational high levels of inflation throughout the year and laid bear the reality of underinvestment in the energy transition and security. "Energy has been a scarring event this year, it has been the one place to hide, and if you did not have it you had a relatively tough...