Chart Deck
Priced for peace?
Markets have priced the US–Iran ceasefire as a fully-fledged peace deal. The 60-day clock, and our models, suggest otherwise.
Chart Deck
The market that cried peace
Credulous energy markets have stopped pricing Iran, and started pricing Trump’s presidential word salads instead. This cannot end well.
Deep Dives
The Hidden Ceiling
Value-at-Risk: Why TTF can’t break €50/MWh despite investment funds holding a record net long position in an unparalleled bullish setup
Chart Deck
Cold shoulder
Too much LNG, not enough comfort
Hot take
Revenge of the machines
Natural gas markets implode in frenzy of automated selling and cascading long-stop orders