Increasing volumes of WTI light-sweet crude are making their way into the Brent North Sea physical market. These export volumes will increase, supported by the buildout of pipeline takeaway and deep-water harbor capacity in the U…
Highlights Price differentials between global light-sweet crude oil benchmarks Brent and WTI will narrow over the next three years, as U.S. light-sweet crude oil exports expand and North Sea production growth remains challenged. U.S.…
Highlights The global shipping-fuels market will tighten as UN-mandated fuel standards kick in next year. This will keep ship fuels, known as bunkers, and other distillate prices – e.g., diesel and jet fuel – elevated…
The manner in which U.S. sanctions against PDVSA and the Maduro regime evolve – in particular, whether a regime change materializes – will determine whether waivers on the oil-export sanctions the U.S. re-imposed on…
Political economy – i.e., the interplay between critical nation states’ policies and markets – often trumps straightforward supply-demand analysis in oil. This is because policy decisions affect production and…
Core indexes provide a better read on the underlying inflation trend, and are a better predictor of moves in headline inflation than the headline indexes themselves. Inflation-linked Treasuries (TIPS) are tied to headline CPI,…
The index is divided into four main components. The GIA index’s Trade Component combines EM import volumes and an estimate of global dry bulk shipping rates to gauge demand. The Currency Component uses a basket of…
Highlights Investors like to hear non-consensus views, … : Part of our role is to help clients think about all of the potential outcomes, including ones that may not be as improbable as commonly believed. … but it seems…
The S&P oil & gas refining & marketing index has typically performed in line with the profitability of its components; the absolute price of inputs and outputs are far less important than the spread between them and…
Trepidation engulfs commodity markets like a fog weaving through half-deserted streets. Central bankers huddle in muttering retreats, growing more cautious by the day. EM growth concerns – particularly slowing trade volumes, and…