Haatch Pulse @Haatchpulse

...is caught in the middle of that battle. Oil can be quietly transferred between ships at sea and blended to disguise its origin. Liquefied natural gas can't. It requires specialised terminals, extreme refrigeration, and infrastructure that is nearly impossible to hide or replicate cheaply. Russia's shadow oil fleet worked because oil is forgiving. Gas is not. That technical gap is the real story here. The shadow gas fleet is a direct attempt to route supply outside Western-controlled pricing and insurance systems, the same playbook that kept Russian oil flowing to India and China after 2022. But LNG gives the game away faster. The second-order effect hits global gas prices. Every tanker operating outside normal channels creates uncertainty about where supply is actually going, which tightens the market for everyone buying through legitimate routes. Europe rebuilt its LNG import capacity at enormous cost after 2022 precisely to avoid this kind of dependency. A shadow fleet complicates that calculus. The hidden losers are households in countries still reliant on spot LNG purchases. When supply routes get murky, prices get volatile. That volatility doesn't stay on a trading screen. It ends up on an energy bill. Haatch is the UK's largest pre-seed VC fund. We created Pulse to make sense of the global events that affect your money. Follow @HaatchPulse for daily takes that cut through the noise.

THIS IS HUGE: Russia is now running a secret fleet of gas tankers to keep its energy exports moving after Western sanctions. The problem is that gas is far harder to smuggle than oil, and anyone heating their home in Europe this winter...show more

...a lot of people ask whether London can still hold onto its biggest firms. Prologis fought hard for this. Just last month, Segro's boss called their opening offer of £12.6bn "opportunistic and inadequate." The final price of £14.3bn is 39% above where Segro's shares sat before any of this started. That gap tells you how undervalued London-listed companies look to buyers sitting in the US. Segro owns the warehouses and data centre sites that sit behind same-day delivery and cloud computing. The fact that a US firm just paid a 39% premium to own that infrastructure in Europe is a vote of confidence in the assets. It's not a vote of confidence in the London market that housed them. 11 companies worth over £1bn have now been taken private or bought out via foreign acquisition in 2025 alone. Each one shrinks the pool of companies ordinary UK pension savers are invested in. Fewer big names on the London exchange means less for UK retirement funds to buy, and over time, that affects returns for anyone with a workplace pension. Haatch is the UK's largest pre-seed VC fund. Pulse is how we track what's moving global markets every day. Follow @HaatchPulse to get these before everyone else. x.com/HaatchPulse

JUST IN: Prologis, the world's biggest warehouse landlord, just agreed to buy Britain's Segro for £14bn. It's the 11th major company to leave the London Stock Exchange this year, and it's making...show more

...before most people even notice the change was made. Pricing methodology isn't an obscure technicality. It's the formula that determines what buyers pay per barrel before any negotiation begins. Change the formula, and you shift billions of dollars in annual revenue with a single policy decision. ADNOC supplies crude to refineries across Asia, Europe, and beyond. When Abu Dhabi moves its benchmark, buyers downstream have to recalculate their margins, and some of that cost eventually lands at the pump. The hidden leverage here is timing. OPEC+ is already managing supply cuts, and Gulf producers know the market is tight enough that buyers have little room to walk away. A pricing reset in this environment is a quiet way to extract more value without announcing a production change. Watch how Asian refiners respond first. Japan, South Korea, and India are among ADNOC's biggest customers. If they push back or start sourcing from elsewhere, that tells you everything about whether this move holds. Haatch is the UK's largest pre-seed VC fund, and Pulse is our daily lens on the macro events shaping markets. Follow @HaatchPulse so you never miss one.

BREAKING: ADNOC, Abu Dhabi's state oil giant, just overhauled the formula it uses to price crude oil for customers worldwide. Every refinery and energy company buying from the Gulf now has to reprice their contracts, and that ripple hits petrol forecourts...show more

...that process unfolds, because the speed of it shapes borrowing costs across the entire economy. Here's what that number actually means. The BoE built up hundreds of billions in bonds during the pandemic to keep money cheap and the economy moving. Now it's unwinding that. £50 billion in a single year is a significant chunk of that reversal. The contradiction is this: the BoE is simultaneously cutting interest rates to ease pressure on households, while also draining liquidity from the system through this programme. Those two moves pull in opposite directions. When the central bank sells bonds back into the market, it competes with the government, which is also borrowing heavily right now. More supply of bonds means gilt yields stay higher than they otherwise would. Higher gilt yields feed directly into fixed mortgage rates. So even as headline interest rates inch down, the full relief that mortgage holders are waiting for may arrive slower than the rate cuts alone would suggest. The timeline to September 2027 is the one to watch. Haatch is the UK's largest pre-seed VC fund. We built Pulse to track the macro events that move markets. Follow @HaatchPulse for daily updates on the stories that matter.

BREAKING: The Bank of England just confirmed markets expect £50 billion of balance sheet shrinkage in the year to September 2027. Anyone with a mortgage, savings, or a pension has a direct stake in how fast...show more

...won't disappear with them. Sixty years is not a small number. BP was drilling North Sea oil before most people alive today were born. This isn't a restructure. It's a full exit. The hidden loser here is the UK Treasury. North Sea operators pay the Energy Profits Levy on top of standard corporation tax, and every major producer that leaves takes that revenue with it. Smaller fields cost more to run and less remains to tax. The hidden winner is whoever buys the assets. Someone will. Smaller independent operators have been picking up North Sea assets that majors no longer want, running them leaner and squeezing out the remaining reserves. BP's exit clears a path for exactly that. The broader signal is harder to ignore. BP, Shell, and their peers are shrinking their presence in one of Britain's most important domestic energy basins. That makes the UK more dependent on imported gas and oil at exactly the moment energy security has become a political obsession across Europe. Haatch is the UK's largest pre-seed VC fund. We built Pulse to track the macro events that move markets. Follow @HaatchPulse for daily updates on the stories that matter.

BREAKING: BP just announced it will sell all its North Sea assets and walk away after 60 years. The company that helped build Britain's offshore oil industry is now packing up, and the jobs, tax revenue, and energy security questions that follow...show more

...watched that timeline get pushed further out. This matters because the ECB has spent the last year hiking rates aggressively to bring inflation down. A rise in July is exactly the wrong direction. It signals the job isn't done. The second-order effect is the one that hits hardest. Higher rates for longer means mortgages stay expensive across the eurozone. It means businesses keep paying more to borrow. It means the economic slowdown that's already gripping Germany and France doesn't get relief anytime soon. The ECB will be watching the August and September figures very closely. If inflation keeps ticking up, rate cuts in 2024 could slip from a near-certainty to a genuine question mark. For anyone in the eurozone with a variable-rate mortgage or a loan tied to the ECB rate, this is not the news they were waiting for. Haatch is the UK's largest pre-seed VC fund. We created Pulse to make sense of the global events that affect your money. Follow @HaatchPulse for daily takes that cut through the noise.

BREAKING: Eurozone inflation just climbed back up to 2.9% in July, reversing the progress made last month. Anyone hoping the European Central Bank would start cutting interest rates soon just...show more

...worse, hitting every country that buys or sells anything across a border. Seven percent of global GDP isn't an abstract number. It translates to factories closing, supply chains breaking apart, and the goods on your supermarket shelves getting more expensive or simply harder to find. The mechanism is straightforward. Tariffs raise the cost of imports. Companies pass those costs on. Prices rise. Demand falls. Jobs go with it. That cycle repeats across every economy tangled in the conflict. The warning is also a signal about where things already stand. The WTO doesn't issue numbers like this to fill column inches. Okonjo-Iweala is telling governments the damage is no longer theoretical. The countries hit hardest won't be the ones firing the opening shots. Smaller, trade-dependent economies that export raw materials or manufactured goods into the big markets take the first and deepest wound. Haatch is the UK's largest pre-seed VC fund. We created Pulse to make sense of the global events that affect your money. Follow @HaatchPulse for daily takes that cut through the noise.

BREAKING: Ngozi Okonjo-Iweala, head of the World Trade Organization, just warned a global trade war could wipe 7% off world GDP. To put that in scale, the 2008 financial crisis shrank the global economy by around 2%. This would be more than three times...show more

...climb even if the Fed holds rates steady, because the bond market is effectively overriding the central bank's control. Bond vigilantes are large-scale traders who punish governments and central banks they no longer trust by selling bonds en masse. When they sell, yields rise. When yields rise, mortgages, car loans, and business lending all get more expensive, regardless of what any official rate decision says. This is the contradiction at the heart of it. The Fed sets the short-term rate. The bond market sets the long-term cost of borrowing. When traders stop believing the Fed can control inflation or manage debt, those two things stop moving together. The last time vigilantes wielded this kind of influence was in the early 1990s. Bill Clinton's Treasury Secretary James Carville famously said he wanted to be reincarnated as the bond market, because it could intimidate everybody. If the bond market is winning this argument again now, the Fed's next move matters far less than usual. The real rate that determines what you pay to borrow is being set by traders, not central bankers. Haatch is the UK's largest pre-seed VC fund, and Pulse is our daily lens on the macro events shaping markets. Follow @HaatchPulse so you never miss one. x.com/HaatchPulse

JUST IN: The Fed's authority over financial markets is being openly challenged right now. For anyone with a mortgage, a pension, or savings, the return of so-called bond vigilantes means borrowing costs could...show more

...why the price at the pump stays stubbornly high. Russia is one of the world's largest fuel exporters. Keeping its diesel and petrol off global markets for another two years means less supply competing for the same demand, and less supply means prices don't fall the way they should. The timing is pointed. Western sanctions already cut Russia's crude oil revenues. This ban is the other side of that coin: Moscow controls what it sells and when, using fuel exports as a lever rather than a lifeline. Europe is the region that feels this most directly. It spent much of 2022 scrambling to replace Russian energy, and just as those alternatives were settling into a new normal, this extension resets the pressure. Drivers in the UK and across Europe were hoping fuel prices would ease further into 2025. That looks less likely now. Haatch is the UK's largest pre-seed VC fund. Pulse is how we track what's moving global markets every day. Follow @HaatchPulse to get these before everyone else. x.com/HaatchPulse

BREAKING: Russia just extended its ban on diesel and petrol exports all the way through 2027. Every time you fill up your car, this decision is now part of...show more

...because cheap oil comes with a cost, and BP is making workers pay it first. 700 jobs gone is the headline. The real story is what it signals: BP's own leadership now believes the world has more oil than it can sell, and they're cutting costs before the price falls further. When major producers start shrinking their workforce to survive lower prices, it usually means they expect those prices to stay low for a while. That's a bet against a quick recovery. The hidden losers here aren't just the 700 employees. It's the towns, contractors, and supply chains built around BP's operations. These cuts ripple outward fast. And the timing matters. BP made this call now, publicly, which puts pressure on Shell, ExxonMobil, and every other major producer to show they're being equally disciplined. More announcements like this are likely before the summer. Haatch is the UK's largest pre-seed VC fund. Pulse is how we track what's moving global markets every day. Follow @HaatchPulse to get these before everyone else.

BREAKING: BP just announced 700 job cuts, warning that too much oil in the market is crushing its business. For anyone filling up this week, that sounds like good news. It isn't...show more