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    RISK IS ON, PRICES ARE UP AGAIN, DESPITE MEDIUM-TERM BEARISH FUNDAMENTALS.

    29 Sep 2022
    Our market scenario is still valid: long-term fundamentals are bearish (lower demand, decent supplies) but short-term geopolitics could change it all. The war in Ukraine and its world consequences continue to be the main driver. The current chaotic situation is making markets very nervous. As a consequence, traders are adding a risk premium to prices. It is all about risks. So, our job will now be to value these risks as, once they vanish, then prices will very probably drop...

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