JJE News and Press, iPathA Series B Bloomberg Energy Subindex Total Return ETN From 06/29/22

We expect elevated inflation to continue into 2023 due to the lagged impact of food supply disruption and elevated energy costs. Should a recession occur, its scale is likely to be limited by the reduced number of negative feedback loops. Consumers enter this slowdown with a large...

The gap between energy stocks and consumer discretionary stocks is striking. We think the market is suggesting that extreme energy inflation will lead to a dramatic reduction in spending. If consumer spending turns out to be more resilient than the market expects, we think the con...

Just before the US Fed raised interest rates on June 15, 2022, Crude Oil was trading above $120ppb. I believe the US Federal Reserve will continue to raise rates aggressively in an attempt to tame inflationary trends. With the market environment and Crude Oil trend, it’s im...

My July forecast for West Texas Intermediate is that it will range between $100 to $120 per barrel, and this range is ten dollars lower than my June forecast. Even at WTI prices of about $110 per barrel, consumers are facing high gasoline prices because refinery crack spreads are extr...

For the stock market to bottom, we need a clear vision of how the Fed is going to back off on its assault on high-beta assets. There are more excess reserves in the system now, so the much more aggressive rate of QT may not bite right away, but QT has never reached this scale, so high...

We remain cautious in equities, but in fixed income, investors now have more yield and credit spread to work with. We think that the Federal Reserve’s rate hikes for this cycle are becoming increasingly priced into the yield curve. Our fixed income team has stress-tested fo...

The June 2022 STEO has revised downward its projected US oil output from May 2022 to Q3-23. The DPR is projecting that oil output for July 2022 will increase by 143 kb/d to 8,900 kb/d. Since the beginning of April, the US has been adding oil rigs at a rate of close to 3.7 rigs/wk....

The steel market increased by 8.9% over the first quarter 2022. Input costs were up, and supply limitations contributed to rising steel prices. The subsea market increased by 3.1% over first quarter 2022. High inflation and rising raw material prices accounted for a significant portio...

With growing production, the expansion of midstream infrastructure since 2018 and a shrinking North American refining system, export volumes of WTI from the U.S. Gulf Coast are poised to set new records. North American oil production growth is expected to be led by the Permian Basin, ...

While margins have recently reached record highs for the Energy sector in the S&P 500 as oil prices have risen, overall net profit for US producers remains below record levels seen in 2012. CAPEX for US oil producers has historically outpaced net profit and normally tracks closer ...