Delays on Nat Gas to Europe!

YoY inflows of LNG to Europe are down 35% in May so far!

Could a new bull-case for Nat Gas be arriving here?

More -> stenoresearch.com/watch-series/p…

Delays on Nat Gas to Europe!

YoY inflows of LNG to Europe are down 35% in May so far!

Could a new bull-case for Nat Gas be arriving here?

More -> stenoresearch.com/watch-series/p…

The liquidity outlook is murky the next 2-3 weeks before turning much brighter from mid June and onwards!

Goods news for those hoping for a summer rally!

More -> stenoresearch.com/watch-series/p…

Chris Waller today:

'This means the 10-year Treasury yield embeds a value of r*. Since 10-year Treasury securities are widely traded, their price (and yield) is reflective of current market views of the value of r*'

Buying loads upon loads of USTs did not impact this? :)

Have a great weekend

The liquidity outlook is murky the next 2-3 weeks before turning much brighter from mid June and onwards!

Goods news for those hoping for a summer rally!

More -> stenoresearch.com/watch-series/p…

Freight rates are currently doubling every other month!

This does not look disfinflationary to me

More -> stenoresearch.com/watch-series/i…

Freight rates are currently doubling every other month!

This does not look disfinflationary to me

More -> stenoresearch.com/watch-series/i…

A NEW NATURAL GAS CRISIS BREWING?

Incoming LNG is down 35% versus May 2023, among other things due to the lack of safe shipping lanes!

More in our shipping watch -> stenoresearch.com/watch-series/i…

Either I work very fast, or I gave myself a head start.

Nevertheless, here are 2,000+ words on the imminent Ethereum ETFs and what we think the future holds.

Keyword: Grayscale, as always.

Full note: stenoresearch.com/crypto-moves/w…

We are still waiting for Gensler and the SEC for the ETH ETF approval confirmation

Assuming that we are right (and we kept reiterating our bet on that) that the ETH ETF will get a green light, it only solidifies the incredibly bullish political backdrop for ETH here.

The

A NEW NATURAL GAS CRISIS BREWING?

Incoming LNG is down 35% versus May 2023, among other things due to the lack of safe shipping lanes!

More in our shipping watch -> stenoresearch.com/watch-series/i…

China should be better sellers of Copper to the world market here.. It is VERY out of the ordinary.

VERY interesting weeks ahead in Copper space!

Update -> stenoresearch.com/em-watch-have-…

The real economy has now actually increased demand for commodities, and the run in commodity has finally spilled over to commodity currencies like AUD and CAD..

Commodities are truly the consensus bet in Q2/Q3, so why shouldn't commodity currencies be?

Dutch home prices are going bananas again!
Poor management has resulted in a massive shortage of (starter) homes, catapulting prices. As a result, rental prices have also shot up. The requirements to apply for a rental home are just crazy. Real estate brokers have the easiest

I don't know much about crypto (Mads does), but I know a thing or two about politics and society.

The breakthrough of Bitcoin and Ethereum ETF's is not only a breakthrough into major capital inflows - it's a breakthrough into institutional money and 'K Street' - the DC lobbyist

The latent risk of a (much) weaker CNY remains very present in markets!

The Chinese authorities likely used up to $50bn USDs to defend the CNY according to April numbers from Brad Setser

More -> stenoresearch.com/daily-post/som…