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The Energy Cable #21 – Energy taking the temperature on the Economy

While OPEC+ tries their best to prop up prices via cutbacks on supply, demand is evidently still not as strong as oil bulls would’ve liked. Will the Chinese momentum pick up and deplete reserves and will the turn of summer in the northern hemisphere counter such effects?
2023-05-23

 

Over the last weeks, we have highlighted the fragility in areas of the EZ and we thought we wanted to use energy as a lens to look at the weak demand in Europe. While we agree with many that the supply outlook looks bullish, we, at the same time, see that demand is looking bleak. Firstly, headline inflation in Europe has one way to go and that’s down. Natural gas and electricity futures will currently be predicting a headline at 5% going into the fall. Not quite the environment where you want to be long energy.     

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