Executive Summary Transition risks under 2°C pathways (IEA NZE/APS equivalents) drive structural demand destruction for refined products, compressing refining margins…
Executive Summary The posited Liquidity Trap manifests as a regime where elevated nominal asset prices (gold near recent highs, equities…
Executive Summary The 3:2:1 crack spread serves as a primary proxy for gross refining margins, calculated as: 3:2:1 Crack Spread=2×PGasoline (bbl)+1×PDistillate/Heating Oil (bbl)−3×PCrude (bbl)3\text{3:2:1 Crack Spread}…
Gold prices have plummeted, trading near $4,078.00, down 4.26%, and silver near $63.605, down 2.66%, following Wednesday's trading close. This…
The convergence of physical, behavioral, and microstructural signals confirms that Europe, and particularly France, has entered a regime of asynchronous…
The simultaneous withdrawal declaration of Saudi Arabia and the United Arab Emirates from OPEC and OPEC+ (April 28-29, 2026) constitutes…
Le 1er avril 2026, un paradoxe frappe le marché énergétique européen : le prix du baril de Brent est sous…
The U.S. Treasury's General License U (issued March 20, 2026) is explicitly designed to exert downward pressure on oil prices…
Europe has hit a mathematical wall: the blockage of the Strait of Hormuz has removed 5 to 7 million barrels…
Voici un condensé de l'écrit de Thomas Andrieu, "Recul historique de l’or et de l’argent dans un contexte d’incertitudes boursières"…