Jan 30, 20232 minCopper Commentary - 1/27/2023Chinese consumers hold 17.8RMB in savings (~$2.6 trillion), up from 9.9RMB in 2021. The implications of deposit growth are less...
Jan 30, 20231 minNatural Gas Commentary - 1/27/2023Cheniere Energy noted in its Q3 2022 earnings report that the company shipped 70% of volume to Europe compared to 30% a year prior. The...
Jan 30, 20232 minCrude Oil Commentary - 1/27/2023According to Bloomberg columnist Javier Blas, China imported 1.3mb/d of Malaysian oil in December. Just taking a glimpse over BP’s 2022...
Jan 23, 20231 minTreasuries Commentary - 1/23/2023With PPI at 6.3%, markets see a light at the end of the inflation tunnel and therefore an end to restrictive monetary policy. While it is...
Jan 23, 20231 minCopper Commentary - 1/20/2023Flipping the order around this week, let’s start with U.S. economic data. Industrial production slowed from 2.18% Y/Y in November to...
Jan 23, 20231 minNatural Gas Commentary - 1/20/2023With Dutch TTF trading into the mid-50s earlier this week before prices recovered to €66.50/MWh on Friday, U.S. gas exporters don’t see...
Jan 23, 20232 minCrude Oil Commentary - 1/20/2023Chinese crude consumption grew at a rate of 4.8% from 2011 – 21 but was down in 2022 as imports fell by 0.9%. Oil only accounts for 19%...
Jan 20, 20231 minTreasuries Commentary - 1/17/2023We did an in-depth de-composition of last week’s CPI report available via this chart-pack. As detailed in yesterday’s Top Things to...
Jan 20, 20231 minCopper Commentary - 1/13/2023After a year of tremendously restrictive Covid-policy, China is on the move again ahead of Lunar New Year. Traffic congestion across...