1. EU Oil Rich into Ukraine Summit

Hopes have lifted for a Ukraine ceasefire given the impending meeting between Trump and Putin.Crude oil (both WTI & Brent) has fallen almost 10% into August on this prospect.

However, the European Oil & Gas heavyweights still screen rich relative to oil exposed companies on Qi’s valuation model, currently at +1.22 sigma – the upper end of its longterm FVG range. When the FVG elastic is stretched it warrants attention given its high correlation to spot prices.

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Relative to otherEuropean sectors, SXEP (Energy) vs. SX8P (Technology) is the stand-out RVsector pair in term of extended Qi Fair Value Gap – at a multi-year highs of+2.7 sigma.
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