WTI is holding above $102, but several traditional energy stocks are relatively weak: Petrobras fell by more than one percentage point, as geopolitical risks are giving a premium to Brent but Brazil's fundamentals are being pressured by the exchange rate; Nine Energy, an oil service company, is trading sideways; China Shenhua fell slightly by more than one percentage point. Coal should have been linked to the high oil price, but Hong Kong stocks didn't move 🤔.

Is the energy narrative driven by oil prices failing in emerging markets, or is it just liquidity issues in Hong Kong/Brazil that are suppressing them? I lean towards the latter, mainly because the direction of oil and gas stocks is still smooth, and the catch-up in emerging markets is just a beat slower.