OILX News and Press, UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B From 02/01/23

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 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...

Summary I am forecasting that West Texas Intermediate oil will range between $70 to $90 per barrel during February. Even though flight activity looks healthy, we should continue to monitor China’s reopening to confirm that it remains healthy. When there is a strong risk-off p...

Summary When I think about the lessons learned from 2022, I think the biggest lesson is valuations matter. I do think this is the most predicted recession that I've ever seen, certainly, in my career. Investors of all stripes, whether you're an asset allocator or a stock picker, I t...

Summary OPEC crude output was revised lower in October 2022 by 12 kb/d compared to last month’s report and November 2022 OPEC crude output was revised higher by 53 kb/d. OPEC output has increased by 1088 kb/d since December 2021, from 27883 kb/d to 28971 kb/d in December 2022. ...

Summary To ease market tightness, Strategic Petroleum Reserve levels were reduced by 218 million barrels, bringing inventories to their lowest levels since 1984. In Fall 2022, the administration announced a target price band for purchases: the U.S. Department of Energy is a buyer of for...

Summary What China's reopening could mean for oil demand and prices. Can China save oil from a slowing global economy? How warm weather managed to ease Europe's energy challenges. As China’s economy reopens, there is speculation the country’s demand f...

Summary Resource equities exhibited strong relative gains this quarter, outperforming both global equities and bonds during the three-month period. During the quarter, the greatest contributions to absolute performance came from the oil & gas sub-sector - including the top three ind...

Summary The US EIA Short Term Energy Outlook was published on January 10, 2023. I doubt Russian C+C output will fall as much as the EIA has forecast. The Canadian forecast looks much too high. A guest post by D Coyne The US EIA Short Term Energy Outlook (STEO) ...

Summary Midstream MLPs, as measured by the Solactive MLP Infrastructure Index, decreased by 4.25% last month. MLP yields remained higher than Emerging Market Bonds, Fixed Rate Preferreds, and the broad market benchmark for Investment Grade Bonds and lower than High Yield Bonds. The ...