11 August 2025: 16:30 BST
We are slightly flipping again. We have been bearish, as you can read from the previous reports. Though here, through Friday, the Trump/Putin meeting in Alaska is dominating the higher-level narrative and price expectations. Since it is summer, it can be hot and cold in that climate, but also in the outcome. Putin is very unyielding, and Trump is slightly mercurial 🤣, and this means the results of the meeting could go right or left, or even be cancelled. Hence, we have a slightly bullish view for the next few days as the possibility of something not being totally sunny in the outcome is greater than zero, if Trump does not get too distracted invading his own capital city. So, just to be clear, we are flipping to slightly bullish and will be very attentive to the meeting narrative.
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