It's painful to state obvious, but rather like paper PM markets bear no relation to physical markets, same applies in energy markets compared to actual demand / supply.

Also long term contracts are negotiated, not settled at spot price as deliveries are made.

Been asked why we haven't commented on Soledar.

Very simple and our position is clear. We are only interested in broader assessment of war not specific operations.

As ever all wars are abhorrent and all loss of life is tragedy.

Condemn those playing fast and loose with lives.

Earnings from the Federal Reserve go to the US Treasury.

Be informed and not entertained by elements in the alt media who have no clue how the world operates.

Reports of an explosion hitting the gas pipeline connecting Lithuania and Latvia.

Russia Is Increasingly Using Its Own Oil Tankers to Beat EU Sanctions

Took them this long to work that out????

https://www.bloomberg.com/news/articles/2023-01-13/russia-is-increasingly-using-its-own-oil-tankers-to-beat-eu-sanctions

Said this many times.

Still seeing people wrongly equating an ounce of gold to gold miners perceived market valuation.

One is holding an ounce of metal.

The other is leveraged exposure to that metal.

Make sure you really understand what that means.

Increasingly apparent that the shift in the organisational structure of the Russian military hierarchy is because Moscow is about to move into a new phase of the war.

As we have said for years. This is precisely why US is very keen to avoid any direct confrontation with Russia:

Pentagon admits that the US's nuclear infrastructure is crumbling and in desperate need of modernisation.

This is apparently a first world nation:

Treasury Secretary Janet Yellen said the department will begin taking special accounting maneuvers on Jan. 19 to avoid breaching the US debt limit

UK demonstrating it's military prowess:

Intends sending 12 tanks to Ukraine.

Energy markets shift continues:

Iran has the capability to significantly increase oil production.

China's December imports of Iranian oil hit a new high of 1.2m bpd, up 130% yoy.

There were huge Russian missile strikes yesterday on Kiev, Kharkov, Odessa, Nikolaev, Dnepropetrovsk, Krivoy Rog, Vinnytsia, Ternopil, Ivano-Frankivsk, Sumy and Lvov cities and regions

Westerners need to understand what's going on. Russia is not running out of missiles.

French authorities are concerned that US personnel sent to the EU to assist with implementing cybersecurity solutions may provide the US with capabilities to surveil France.

This should not be a concern, it will be a statement of fact.

https://www.lemonde.fr/international/article/2023/01/13/defense-les-interrogations-de-l-etat-major-francais-face-aux-operations-cyber-americaines-en-europe_6157724_3210.html?utm_medium=Social&utm_source=Twitter

EU winning again:

EU gas imports spending in Q3 of 2022 increased by 350% to €101bn yoy.

Imagine what that does to the wider economy and price inflation?

This is clearly unsustainable.

The west is not going to able to continue to meet the demands of Ukraine for artillery, compared to what they are capable of producing. Sometime this year, this will dramatically impact Kiev's capability to fight the war.

Westerners still believe China steals all technology. Problem is they are now leading the world in an increasing number of technologies and this notion is therefore rendered a total fallacy.

China trounces U.S. in AI research output and quality

https://asia.nikkei.com/Business/China-tech/China-trounces-U.S.-in-AI-research-output-and-quality

Chinese support of Russia continues:

A freight train carrying 55 containers of China-made construction machinery was the first trip of 2023 of the Liuzhou-Moscow freight train service.

Germany should not lose sight of a potential diplomatic solution to the ongoing conflict between Moscow and Kiev:

SPD, who are the largest party in the German parliament.