We spoke to TRT World Money Talk today on the European energy crisis which is now easing due to relatively milder temperatures in winter than previously expected. German gas stocks are now 91% full and it seems Europe can get away with available gas storage over the next couple of months.

On the issue of oil markets, the wild card continues to be China and how fast it is reopening. Chinese demand is expected to hit 16 million bpd this year. Oil prices are already reacting to that and we think OPEC will closely monitor the situation in China and growth in Europea and the US.
On the other side, IMF has warned that a third of the world economy can experience economic slow down which keeps the markets a bit concerned about growth in demand this year.

The challenge for central banks will be how to achieve soft landing while China is coming back.