JJE News and Press, iPathA Series B Bloomberg Energy Subindex Total Return ETN From 02/06/23

Summary After a year best forgotten, 2023 has started out with a bang. January was a strong month that gave equity investors a timely relief rally. While this was a welcomed development, I am concerned that equity prices are getting too disconnected from reality. We have a challenging m...

Summary U.S. November production decreased by 35 kb/d to 12,375 kb/d. Since the beginning of April 2021 through to the week ending July 29, 2022, the US added horizontal oil rigs at a rate of close to 3.82 rigs/wk, orange OLS line, and peaked at 551 rigs in the week ending July 29. ...

Summary A truly exceptional year, 2022 was dominated by historically high inflation, sharply rising interest rates and a surge in bond yields. With inflation now peaking and labor markets cooling, the environment enables central banks to slow and potentially pause interest-rate hikes. ...

Summary As we head into the end of January, technical conditions in major stock indexes are showing a lot of strength. We think a bear market that could easily trim 50% from indexes is in the cards, but timing is everything. We find price action-driven measures more reliable than su...

Summary The rise in the volume of U.S crude oil looks set to partially offset any decline in Russian crude oil that is sold into the region. U.S. crude accounts for around 12% of EU refinery processing volumes. European refiners have processed greater volumes of WTI-linked crudes in...

Summary We continue to hold our overweight defense-aerospace position in the US Equity ETF portfolio. We have increased our position exposure to the domestic US oil sector with two selected ETFs. I think that oil prices are headed higher or staying in the range of high $70s or $80s....

Summary After a record-setting 2022, energy sector earnings are likely to generally decline in 2023, though forecasts point to another strong year by historical standards. Even with a year-over-year earnings decline, energy companies can continue to execute on free cash flow generation ...

Summary Storage at the moment is 72% full, well above the five-year average of 54% for this time of year. If we were to see similar storage levels at the start of the next heating season, the EU would only need to add around 43bcm of gas this year. The level of demand destruction se...

Summary In the past month, U.S. natural gas prices (Henry Hub Futures) have declined 51%, marking the worst 30-day performance we have on record. Europe has made a conscious effort to fill its natural gas storage capacity going into winter and reduce its demand for energy, with a Europe...

Summary The Biden Administration has stopped releasing one million barrels per day of light sweet crude oil from the Strategic Petroleum Reserve, so crude oil prices are expected to meander higher, despite a domestic glut of crude oil. Natural gas is more weather-dependent, but I expect...