Oil is low only because China hasn’t opened up after COVID yet. If they do there will be another oil price shock.
Russia has shot itself in the foot as a supplier of cheap gas. Europeans will not be giving foreign exchange to a country which they see as a strategic threat. Also Russia is using energy as a weapon to force the Europeans to accept their Ukrainian invasion.
Therefore the Europeans have to give up their reliance an Russian energy, and look elsewhere for coal and gas to fill the gap.
This lack of supply isn’t going to be fixed by this northern winter and possibly a few more. Who knows?!
Therefore I don’t see anything soon that is going to reduce coal or gas prices until supply (not from Russia) meets demand.
Industry in Europe is in heaps of trouble until that happens, causing a recession there.
Like the nineteen-seventies there is going to be an energy price shock, which will cause high inflation. That one was only about oil. This one is about gas and coal, and oil too if China re-opens.
(20min delay)