It’s looking good for the transitory inflationists as energy prices free fall around the world. The oil price has flamed out as the US and China combine to thwart Goldman Sachs with releases of strategic reserves. Europe’s COVID outbreak and the Chinese property bust are not helping:
Even Goldman admits a surplus now looms in the near future:
Advertisement
Chinese coal continues to correct at pace. Inventories are rising fast despite rising winter consumption as mine output booms:
Advertisement