NRGO News and Press, Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E NRGO From 08/20/21

The Saudi oil price comfort band is between $68 and $75 Brent. With Brent now below this band, the Saudis will likely push for a delay in production increase. Goldman estimates Delta Variant to impact global oil demand by ~1 million b/d. If so, it makes sense for OPEC+ to delay pr...

Oil prices continue to be weighed down by COVID fears. This issue has been further compounded by the lack of buying from Chinese refineries. The absence of a catalyst is also prompting some price weakness here. So either COVID cases have to peak or Chinese buying return. The U...

Gasoline demand is nearly back to pre-pandemic levels from 2019. OPEC+ is unlikely to ramp up output to appease the U.S. - or anyone else, for that matter. Brent crude prices dropped 6% last week, its largest week of losses in four months, while WTI slumped nearly 7% in its bigges...

Senator Joe Manchin (D-WV) is “deeply concerned” about the Fed’s easy money policy and urged the Fed to curtail its aggressive intervention in the bond market. This raises questions about whether or not the Fed might taper sooner than expected. I believe the Fed w...

OPEC produced 26657 kb/d of crude oil in July 2021 based on secondary sources. World liquids output was 95.7 Mb/d in July 2021 about 4.6% below the August 2019 level of 100.3 Mb/d. OECD commercial oil stocks are 90 million barrels below the 5-year average (2016-2020) and have been...

One of the beauties of the crude oil market specifically, and commodity markets in general, is that active traders and investors only have one equation to analyze: supply versus demand. In April of 2020, in response to the lockdown-induced decrease in demand, OPEC+ announced the bigge...

SCO is an ideal way to short oil as it trades 2x inverse with WTI futures. Global growth is downshifting while OPEC+ is ramping production. Call options on Bank of America provide a hedge if oil does not decline, as this scenario would involve higher US yields - supportive of net inte...

UN report: The last decade was hotter than any period in 125,000 years, and humans are responsible. UN Secretary General called the report a "Code Red" for humanity and the death knell for fossil fuels. Shokeen: We project there will be rapid changes in the energy sector. Fo...

Macro worries return as China is seeing a surge in COVID case counts. For the oil market, China's COVID worries will hit both the demand side and supply side. But despite the headline worries, China's crude inventory is declining along with the rest of the world. Product margi...

OPEC and its big-producing ally, Russia, have masterfully managed the price of crude oil throughout the entire Covid crisis. The introduction of effective vaccines at the beginning of this year released pent-up demand for travel and fueled a big increase in economic activity. Crud...