The convergence of physical, behavioral, and microstructural signals confirms that Europe, and particularly France, has entered a regime of asynchronous systemic energy shortage. The three pillars of the breakdown:
(a) Physical Pillar. The Strait of Hormuz has been practically blocked since February 28, 2026: more than 20% of global oil traffic and 25% of…
Multi-engine analysis suggests that the closure of the Strait of Hormuz, leading to a supply shock of 20 Mb/d (20% of world consumption), has established a regime of "structural energy constraint." This regime is characterized by a high conditional probability of activating restrictive measures on mobility ("energy lockdown"), estimated at 81.3% for 03/31/26, according to…
Analyse de marché