22/01/2026 – Greenland: Agreement reached between Europe and the United States. Trump backtracks on tariffs, markets celebrate – Read more news

GAS & POWER: Yesterday marked yet another day of upward volatility, with prices rising more than 12%. Once potential geopolitical tensions were overcome, traders focused on the cold snap coming this weekend in the United States, perceived as a risk to the country's liquefaction capacity. Price spikes at Henry Hub, the American reference market, could incentivize sales on the domestic market –thus limiting terminal operations–, while particularly intense cold conditions could lead to more or less limited operating limitations on the systems. In 2024, a snow and ice storm knocked out the Freeport LNG terminal for about a month.

Investment funds reversed their positions in the week ending Friday, January 16. From an overall short position of around 50 TWh they moved to an equal upward-oriented size, with a net change of 100 TWh, which had not been observed since the moments of the energy crisis. We expect the accumulation of long bets to have continued even during the last market sessions