Oil prices have strengthened marginally compared to our previous view. We expect prices to remain below $70/bbl for 2019/2020, but then move to sustained rises on demand growth. The gas market continues to have a less pronounced oversupply than previously anticipated and, with it, a more modest and shorter market rebalancing between 2019 and 2021. Later, Asian LNG competition will see prices rising. Current high coal prices are forecast to slowly recede to marginal cost levels as Chinese protectionist policy weakens seaborne demand and new Australian and Indonesian supply slowly enters the market. Power prices now remain above the previous view to the early 2020s and will not go under 2017 levels at any time over the remainder of the forecast. Rising fuel and carbon costs will then see power prices rise. In Europe's carbon market, we expect ETS prices to be higher than our previous outlook until the mid-2020s, before falling a little below the earlier projection in later years.