EU Covid data make a strong case for vaccines (among others), i.e Moderna, BionTech / Pfizer, AstraZeneca and J&J.

Short thread.
EU is 69% vaccinated, starting mid January 2021.
648m doses were adminstrated, 308m vaccinations completed on a total population of 447m.
It had 3 waves, with 9.4% death in first, 1.83% in 2nd & 0.84% death in percentage of Covid-19 cases in the current wave.

2/...
Take Germany with a population of 83m, Europe's largest. It currently goes through a record Delta case wave (Omicron only just arrived), but so far it only had 0.48% death on 2.4m cases in 3rd wave. How was this for the first two waves?

3/...Source: Bloomberg
Quite different! Vaccine works. But not just vaccine. Clearly, the quality of the medical support matters too as we illustrated below.

4/...
Now Portugal: It is 87% vaccinated, EU's best rate. Below the approved vaccine makers for Portgual which are the exact same as for Germany and the EU at large. Of course, countries may administrate different mixes for the below, subject to availability.

5/...
What are the results for Portugal so far? It has a slightly higher death rate of 0.60%, despite a 19% higher vaccination rate. So clearly, the medical system and potentially other factors (statistics; population health; etc) matters at the margin too.

6/...
Now Romania with a population of 20m. It has a vaccination rate of only 39% (only BUL is lower) & just completed a Delta wave. The result?
3.23% dealth rate! Also note, ROM is known for its lagging healthcare system which is why the EU had to emergency assist in October.

7/...
Meanwhile, Poland - another Eastern European member - has the exact same case count (so far) with its ongoing Delta wave but "only" 1.3% death rate so far.
Why? Well, one reason is its 55% vaccination rate vs Romania's 38%. Note: Poland has 38m people.

8/...
My final example (but the message is true for all EU member state) is Finland. It has a population of 5.5m with a 76% vaccination rate and a sold healthcare system. It also goes, like most EU countries, through a record Delta wave right since 3 weeks. The result so far?

9/9 Thx

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More from @BurggrabenH

5 Dec
Ran Balicer, head of Israel’s national Covid committee, says he had “no clue” where early estimates of Covid vaccine efficacy, published in Israeli media, had come from. “I would suggest everyone just holds tight and wait,” he says.

#omicron on.ft.com/3EsqQJ0
25% likely to be reinfected Image
Waves much steeper / quicker as Delta Image
Read 5 tweets
3 Dec
Let us look at US crude & product inventories. It remains the largest refining system globally & by far & away the most transparent market which is why US inventory data matter for crude oil prices globally (although less so now than in times pre-global satellite data).

#OOTT
All-in, US crude & product inventories incl. SPR are 35Mb below their 10-year average at 1,825mb (blue line). They are 100Mb, give or take, away from hitting a decade low. With 50Mb SPR release, we may get their in Q1 2022 and subject to Omicron effects.

2/.. Image
The same data in a 5-year average scenario? We're already 125mb below its 5-average. Kind of interesting. Mind you - commodities price at the margin. So this is an interesting combo with WTI at $68/bbl (ex Macro Set-up).

3/.. Image
Read 17 tweets
24 Nov
What is the Status Quo of the EU gas crisis?

A short thread in charts on why we are here & where the EU gas crisis is aheading next.

Summary: EU gas security is a prayer, not a policy!

1/...
As of today, EU gas storage tanks are 72% filled. This is WELL below its 5-year averages.

2/...
Expressed in Terra Watt Hours (TWh), the EU has 809 TWh of storage as at 21 November 2021.

For perspective: In the winter 2017/18, the EU consumed 770 TWh from 1 Nov 2017 - 31 March 2018.
Gas storage couldn't go that low bc pipeline systems needs to stay under pressure.

3/...
Read 22 tweets
5 Nov
High European gas prices has many reasons but one factor seems to be Gazprom's low storage fill in Europe. Is that really true? Let us look at the facts of @Gazprom's storage situation in Europe. 1/...

#EU #NaturalGas
Friendly reminder: The EU imports 33% of its natural gas consumption from Russia, i.e. Gazprom! So if gas is short in Europe, Gazprom does matter. 2/...
So can we measure the storage percentage fill of Gazprom? Yes, once we identified its locations. Specifically, they are Rehden, Etzel, Jemgum, Katharina in Germany, Haidach in Austria, Bergermeer in NL, Damborice in Czech & Banatski Dvor in Serbia. 3/..

Source: Gazprom
Read 12 tweets
4 Nov
Let's look at the EU gas situation (ex Serbia, Ukraine, Norway, CH). Overall, the seasonal %-fill for EU members (below) is lowest in a decade (yellow line). That will not change as we show below. Train left the station.

#NaturalGas #Europe
Meanwhile, the withdrawals of natural gas are coming in seasonally the earliest in a decade! Again, yellow line. If that trajetory (in GWh/d) remains, EU gas prices will hit record soon again. IMHO, a likely. We will see.
So is the gas coming overproportionally in? Answer: no, overall injection rate (in GWh/d) is in fact seasonally low. Only 2011 & 2012 were lower. However, ...
Read 11 tweets
18 Oct
Here a little meta recap on why #copper is in a super-cycle & why I am bullish short-, mid- & long-term Dr Copper!

Let me start with a shocker: in the very short term we may well run out of Cu inventory. How about that? A week ago I tweeted the below...

A week later and we are at 167,250 tonnes of LME inventory on warrants cancelled for London. Again, cancelled = taken out of inventory. Note however that LME only has 242,610 tonnes of inventory. If this continues, London may run out of inventory this year! That is super bullish.
I explained that here for all metal exchange inventories combined (London; New York; Shanghai).

Read 24 tweets

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