If 2025 taught us anything, it was that energy markets remain governed by fundamentals, not slogans. The year opened with expectations of policy-driven disruption and geopolitical shocks. It closed with supply, demand, and infrastructure constraints doing what they usually do: overruling expectations. Oil prices fell even as global tensions persisted. Electricity demand grew faster than grids could react. And technologies widely assumed to be on borrowed time proved far more durable than many forecasts suggested. Rather than breakthroughs or collapses,…