… quick’s the word and sharp’s the action. Jack Aubrey1 Idiosyncratic supply-demand adjustments – some induced by head-spinning reversals of policy (e.g., the U.S. about-face on Iran oil export sanctions)…
Highlights Our take on the key macro drivers of financial markets hasn’t evolved much since we laid it out this summer, … : Monetary policy is still accommodative; lenders are ready, willing and able; and the expansion…
News reports suggest OPEC 2.0 could re-instate its original production-management accord agreed in November 2016, under which 1.8mm b/d of output was taken off the market. Nonetheless, we continue to expect cuts to come in on…
The good news is that the balance sheets of U.S. energy companies have improved markedly over the past few years. Rapid productivity gains have allowed shale producers to boost production to record levels without having to incur…
Dear Client, In addition to today’s report, we sent you our 2019 Outlook earlier this week, featuring a discussion between BCA editors and Mr. and Ms. X. Best regards, Peter Berezin, Chief Global Strategist Highlights Today…
OPEC 2.0’s meeting next week in Vienna once again will feature a full cast of dignitaries representing member states, including the energy ministers from the Kingdom of Saudi Arabia (KSA) and Russia, Khalid al-Falih and Alexander…
Highlights On a 6-month horizon, go long a combination of banks and high quality 10-year bonds. The recommended combination is 25 cents in the banks and 75 cents in the bonds. The preferred banks are European or euro area and the…
Underweight The drubbing in oil markets this month has not spared stocks in the S&P oil & gas refining & marketing index, which has given up all of its 2018 gains. Our downgrade to underweight on July 16 has been…
The lack of a discernible 2015-16 consumption boost after oil cratered upended the notion that the U.S. economy is as negatively correlated with oil prices as it has been cracked up to be, and the equity reaction also bucked the…