Energy crisis to worsen as Russia cuts German gas supply [Video]

Ipek Ozkardeskaya ipekScope

Sentiment is better, but the news is not. The latest flash PMI readings from Japan to Europe and to the US showed a slowing global activity in June.

The slowing activity, and the call for a global recession started pressuring oil and commodity prices to the downside.

Norway delivered a bigger than expected 50bp hike, and Banxico rose by 75bp hike, the country’s biggest rate hike ever.

Plus, Moscow cuts the gas supply to Germany via Nord Stream 1, leading to another spike in the European natural gas futures.

The higher gas prices should keep the pressure high for oil, as although the prospects of demand are being cut, the production remains limited to the refining capacity.

European and US futures hint at a hopefully calm session before the weekly closing bell, and we don’t have much on today’s economic calendar.

In the FX, the US dollar hasn’t recorded a fresh high since about ten days, and the prospects of slowing US growth, the rising probability of recession, and the hawkish tone from other major central banks should prevent the greenback from gaining a fresh positive momentum.

Author

Ipek Ozkardeskaya

ipekScope

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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