Natural gas and electricity prices. Household energy bills and, increasingly, the binding constraint on data-centre build-out.
What to watch: Henry Hub; European TTF; power prices. It arrives daily, and the effect typically lasts months.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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