Editor's letter – Uncertainty certain for 2012

Uncertainty was the overriding characteristic of energy markets last year, stemming from jitters over the worldwide economy and impending sweeping regulatory change.

This year looks set to be equally unpredictable, at least during the first half, as we wait to see how the eurozone crisis will pan out, whether the US economy will pick up, and how Dodd-Frank and the equivalent multi-faceted European regulation will play out.

Many analysts expect oil prices to remain above $100 a barrel in 2012