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US Derivatives: Small Tail to Wag Big Dog
INVESTMENT CONCLUSION The bottom line of all the bottom lines is higher inflation, interest rate stress in AI and private credit, and central banks forced to tighten. US energy prices go up, not down. Global refined product supply falls, agriculture takes another supply side hit,…
Oil Prices & China's Vanishing Imports
What started as a WhatsApp update to clients on Friday is now a formal QS Macro Research Note. As headlines swirled around oil supplies and China's import trajectory, David Roche flagged a dynamic most market participants are missing: it's not demand destruction driving the pric…
EU Gulf (or US?) Vulnerability
EU Gulf (or US?) Vulnerability The blow out in EU TTF Natural Gas Futures is a short term market squeeze. Stay away from it. EU gas markets are fairly soundly balanced, Vulnerability to Middle East disruption is very low. The biggest risks are still high dependence on Rus…
Saudi Arabia - A Royal Revolution
This Strategy Report is from the Archive, and is presented in its original format. Tags have been generated by AI. If you notice any inconsistencies, please get in touch.
Food, Water and Filth
This Strategy Report is from the Archive, and is presented in its original format. Tags have been generated by AI. If you notice any inconsistencies, please get in touch.