The long energy trade commenced much earlier

My December 7, 2025 edition of Macro Extremes was prescient in listing the Dutch TTF Natural Gas contract in the category of an “oversold quinella”.

That was before ‘everyone’ became an expert in how many ships passed through the Strait of Hormuz on a daily basis.

A few months later, we saw an ‘overbought quinella’.

That was the ‘fat part’ of the trade.

Macro Extremes is published every Sunday.

April 24, 2026