Råvarustrategen: Ingen kan prognostisera var priset ska
Summary
Ole Hansen from Saxo Bank discusses the complex energy landscape, noting that while Brent crude prices have eased, physical spot markets face severe shortages driving diesel prices above $200. He highlights the shift toward LNG dependence in Europe and argues that energy stocks are undervalued due to persistent high cash flows. The conversation also covers gold’s resilience against rising interest rates, driven by central bank demand, and predicts a long-term decline in oil prices as global demand slows.
Topics discussed
Introduction and easing oil prices
Shipment dynamics in the Strait of Hormuz
Spot vs futures oil price divergence
Refined product spreads and diesel costs
European gas supply and El Niño impact
Energy stock valuations and cash flow
ESG factors and refinery margins
Future oil supply and demand outlook
Gold market dynamics and interest rates
Gold ETF holdings and fiscal debt risks
US dollar outlook and currency trends
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