Catch a falling knife, put it in your pocket and save it for a rainy day. One day after commodities started the month of August getting crushed, today it seems that at least someone is willing to catch a falling knife.
The pressure in the equity markets has taken a breather as the Chinese indices stopped their plummet for the moment, sending some mixed signals through the commodity world. One would assume that an across-the-board correction would be in the offing, but we haven’t seen that response as of yet in the energy and agriculture markets.
Oil prices fell more than 3% on Monday after Greece rejected debt bailout terms and China rolled out emergency measures to support its stock markets, adding to concerns about demand at a time of global oversupply.
Crude oil prices get hit hard after Greece fails to reach a deal with creditors and the country called for a referendum. It seems that Greek Prime minister Alexi Tsipras did not have the courage to make a deal and instead opted for turmoil.
On the football stadium itself, there is a lot of debate and no clear answers. Stadiums use pretty efficient lighting, and certainly air conditioning is not likely to be an issue in the dead of winter. So using the low end of estimates, an average stadium might use 10MW of energy for five hours, or roughly 50 MWh for the game.