The past week has seen a serious uptick across the energy commodities' forward curves - Brent up 7% across the whole structure, UK natural gas up 20% at the near-end, even coal up 5% at the back end. Brent is still in modest, uninformative contango (as is gas) so a parallel upwards shift doesn't betoken an end to basic oversupply. But hey, the producers will be happy enough to be able to lock in at higher prices. 20% in one week is not to be sneezed at - any fully-hedged UK utilities will be smiling broadly: any that were exposed will have been scrambling, maybe even to buy some of that US gas on a long-term contract.
And of course Sterling (spot) has had what some see has a post-Obama speech boost, though it's not at all as pronounced as the commodities - more within the range of general noise.
The opening ceremony at Sabine Pass could be seen as more significant than the COP21 "signing ceremony" in New York on Friday. Signing?
"The US, China and India - the three biggest climate polluters - have all committed to join the agreement, possibly as early as this year."Possibly as early as that, eh? Oh well.