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’Hedge commodities in euros from Monday
Olivier Jakob, at Petromatrix (who we know we quote a lot, but only because he really does constantly come up with interesting points) alerts us to the fact that from Monday onwards investors will be able to trade euro-denominated contracts on certain Nymex energy products.
A Chinese diesel crunch
If you were wondering why distillate spreads improved over the last month in Europe, apparently there has been a unique demand situation heading over from Asia — prominently China — as well as Latin America.
China’s fake recovery
Renewed commodity demand and a rise in manufacturing activity in China are being heralded by many as justification for the global “green shoots” recovery argument.
Much of this sentiment was reinforced this week when Hong Kong brokerage CLSA reported a rise in its Chinese purchasing managers’ index.