Highlights Substituting certain imports with local production will ensure that Russia's inflation rate will become less sensitive to fluctuations in the exchange rate and more sensitive to local wages/unit labor costs. In such a…
Highlights Crude-oil fundamentals stand out among commodities because of the active efforts by critical producers to rein in supply since the end of last year. This can be seen in even-higher compliance with the production accord - a…
Highlights Weekly swings in U.S. inventories notwithstanding, we believe global storage is on track to draw ~ 10% by early- to mid-3Q17, which will have achieved the goal of the OPEC - Russia production Agreement negotiated late last…
Highlights The U.S. has two geopolitical imperatives: domination of the world's oceans and ensuring the disunity of Eurasia; The Trump Doctrine, as currently defined, has no room for transatlantic alliances; President Trump is…
Highlights Multipolarity will peak in 2017 - geopolitical risks are spiking; Globalization is giving way to zero-sum mercantilism; U.S.-China relations are the chief risk to global stability; Turkey is the most likely state to get…
Highlights Dear Client, This week's BCA's Commodity & Energy Strategy contains our 2017 Outlook for Energy markets. After surprising the markets with a production cut last week, OPEC and Russia likely will do so again with a…
Highlights Tighter global oil markets resulting from the production cut we expect to be announced November 30 at OPEC's Vienna meeting, along with fiscal stimulus from the incoming Trump administration in the U.S., will continue to…