'Scars' of the energy play will linger in 2023

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...