2024-06-13 06:15:00
GLOBAL WAR ON ATROPHY
In the conclusion of the St.Petersburg International Economic Forum,it is clear and evident that Russia has its hands firmly on the global economic growth steering wheel.Their calibration on the global compass remains top notch and success is all for the taking.
We have seen different shifts on pricing in the Oil complex,with WTI Crude Oil paring gains from the recently concluded OPEC Meeting,trading at $78.32/bbl after testing the $77/bbl floor with a low of $73.25/bbl.
BRENT has been trading at $82.60/bbl after the low test of $77.52/bbl.
There has been field maintenance within the Kazakhstan and Iraq Oil fields and despite the pricing shifts,compliance has been slipping Month over Month(MoM) hence putting the $90/bbl price as total slippage.This should be keenly noted as we push on the 2nd half of the year.
Low volatility has been experienced as there has been outage in the Strait of Homuz with a tit for tat response in the warfronts however,geopolitics has not yet been priced in hence it is a time to tread prudently.
Expectations of a robust summer season production ramp up is a factor to have in check.
US Natural Gas Futures initially drop 2% after the EIA reported a 98 bcf stock increase vs +92 bcf expected. Total stocks at 2893 bcf is 25% above the 5-yr avg. Prices have been supported this week after forecasts shifted slightly warmer.
On the FX Front,we have seen sustainable moves on the SouthAfrican Rand strength after the concluded elections,Mexican Peso has also seen good moves,both being election and politically biased.
On the European Front; Here's a quick snapshot of the key developments across the continent :
Initial projections for overall EU elections show the centre-right European People's Party has strengthened its control in the European Parliament
European Commission chief Ursula von der Leyen - who is from the party - said "the centre is holding"
Perhaps the biggest earthquake happened in France, where Marine Le Pen's far-right National Rally secured around double the vote share of Emmanuel Macron's group
The French President responded to the heavy defeat by dissolving parliament and calling snap elections for later in the summer
In Germany, Chancellor Olaf Scholz's Social Democrats and the governing socialists in Spain both trail their right-wing opponents, according to the latest projections
Populist prime minister of Italy, Giorgia Meloni, and the centrist leader of Poland, Donald Tusk saw their parties perform strongly
But left-wing and green parties were the ones to make the largest gains in Sweden, Finland and Denmark.
Global Container freight is up another 12% this past week, with the Drewry composite reaching a 20-month high at $4716 per box, a YoY increase of 181%. Main drivers being the China to LA (+11%) and China to Rotterdam routes (+14.5%).
We do hope a shift in perspective on all global players of trade towards the unilateral growth of humanity.More blessings to all,make hay when the sun is shining traders.Imagination is its own form of courage.
Andy Warr,
TophatFinanceGroup.
-----
Earlier:
2024, June, 5, 06:45:00
GLOBAL ENERGY SYNERGY
The synergy between carbon-based fuels and renewables in energy trading, facilitated by innovative policies and supported by advanced software technology, offers transformative opportunities for the energy sector.
2024, June, 5, 06:40:00
GLOBAL IRRATIONAL ENERGY TRANSITION
The apparent enthusiasm of the UN and the governments of the developed nations for Net Zero by 2050 is not shared by the developing and not-yet-developing nations, which place higher priority on economic development, with little regard for the resulting greenhouse gas emissions.
2024, May, 15, 06:55:00
GLOBAL OIL DEMAND +2.2 MBD
The global oil demand growth forecast for 2024 remains broadly unchanged from last month’s assessment at 2.2 mb/d.
2024, May, 7, 06:35:00
GLOBAL NUCLEAR ENERGY RISKS
The nuclear energy future that is being proposed now – small, flexible reactors distributed everywhere for many uses besides electricity – will not reduce, but will add to the
national security risks that are unique to nuclear energy. On top of this, cooperation among key states essential to minimize the safety, security and proliferation risks of nuclear energy is at an all-time low.
2024, May, 3, 06:35:00
GLOBAL CLEAN ENERGY TRANSITION
Decarbonization is synonymous with the energy transition.
2024, February, 21, 06:40:00
GLOBAL ENERGY INDUSTRY OPPORTUNITIES 2024
The year 2024 is projected to be a potential turning point for the power industry, as it could witness a significant shift towards renewable energy.
2024, February, 21, 06:35:00
GLOBAL ENERGY INDUSTRY DEVELOPMENT 2024
In 2024, Energy consumers have more questions about the state of the Energy Industry's current initiatives than answers. Some areas to focus on include decarbonization, technology implementation, energy storage, and emergency responses.
