Methinks the China story is going to change rather quickly if that is off great concern. After Emperor Xi's 3rd coronation (at this point the 0-Covid policy is just a prestige issue for him), they will quite literally throw the kitchen sink in stimulus, the market expects 5.5 Tn, my view is around 6 or upwards. The party has a growth target of 5.5% for 22-23. This will be a massive catalyst for spot prices and combine that with the Europeans fastracking their energy infra to diversify from Russia, this is a perfect storm brewing. Off to the races in my view. 22 will be a tale of two halves.
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