Hydrogen set to surge

Market Overview
Read time 0.7 minutes

Year To Date Performances:

1. Goldman Sachs reports significant de-grossing activity among hedge funds in July, making it one of the largest months for such action in recent years. Total flows last week were the highest since the GameStop squeeze in 2021. The main driving force behind this trend has been short-covering, as hedge funders caught off-guard and had to chase the market rally.

2. The annual hydrogen power production forecast is set to increase significantly, growing from less than 0.5 million tonnes in 2023 to over 3 million tonnes by 2030. The upcoming rules determining the eligibility of substantial subsidies for projects in this field have led to two distinct lobbying camps in Washington. Energy companies in one camp are pushing for rules that would allow hydrogen to be produced using electricity generated from fossil fuels. On the other side, advocates are arguing for strict regulations limiting hydrogen production to electricity sourced entirely from clean energy.

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4. Headlines

   1. Data from the Dallas Fed shows that manufacturing in Texas has been declining for 15 straight months.

   2. New economic data from the UK showed the most significant year-over-year decline in house prices since 2009.

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