Highlights Over the short term – 1-2 years – the pick-up in re-infection rates in Asia and LatAm states with large-scale deployments of Sinopharm and Sinovac COVID-19 vaccines will re-focus attention on demand-side risks to…
Crude oil prices yo-yoed on Tuesday after OPEC’s latest meeting adjourned without a revised production agreement. The impasse between Saudi Arabia, the cartel’s de facto leader, and the United Arab Emirates, which…
On June 29th 2020, we recommended that investors will be best served by accumulating natural gas futures. Since then, the Henry Hub front month contract has risen from $1.6/MMBTU to $3.8/MMBTU, a return of over 130%. The leap…
Highlights Gold is – and always will be – exquisitely sensitive to Fed policy and forward guidance, as last month's "Dot Shock" showed (Chart of the Week). Its price will continue to twitch – sometimes…
Dear Client, We are sending you our Strategy Outlook today, where we outline our thoughts on the macro landscape and the direction of financial markets for the rest of 2021 and beyond. Next week, please join me for a webcast on…
Highlights The US is withdrawing from the Middle East and South Asia and making a strategic pivot to Asia Pacific. The third quarter will see risks flare around Iran and the US rejoin the 2015 Iranian nuclear deal. The result is…
Highlights Entering 2H21, oil and metals' price volatility will rise as inventories are drawn down to cover physical supply deficits brought about by the re-opening of major economies ex-China. As demand increases and oil and…
Historically, the performance of global oil & gas equities moved in lockstep with crude oil prices. However, this relationship disconnected last year. Since then, the absolute performance of oil and gas equities has lagged…
BCA Research’s Commodity & Energy Strategy service raised their average Brent forecast for 2021 to $66.50 vs. $63/bbl earlier, with 2H21 prices averaging $70/bbl. They also moved their 2022 and 2023 forecasts up…
Highlights Oil demand expectations remain high. Realized demand continues to disappoint. This means OPEC 2.0's production-management strategy – i.e., keeping the level of supply below demand – will continue to dictate…