Concise notes on logistics, energy and commodity flows.
Spot rates from Shanghai to the US West Coast slipped 6 % week-on-week as new capacity came online. Carriers are signalling blank sailings into June to defend price levels.
We read this as a soft-demand signal rather than a structural shift. Inventory restocking should firm rates back toward the Q1 range by late summer.
European storage hit 58 % full, roughly four weeks ahead of the five-year norm. Mild weather and steady LNG arrivals did the heavy lifting.
Front-month TTF stays rangebound. We see limited downside from here barring an unexpectedly cold tail to spring.
Copper consolidated near multi-month highs as grid-investment demand offset softer construction data. Treasury positioning remains net long but off the extremes.