OILX News and Press, UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B From 02/18/23

Summary OPEC crude output was revised lower in December 2022 by 45 kb/d compared to last month’s report and November 2022 OPEC crude output was revised lower by 16 kb/d. OPEC output has increased by 797 kb/d since January 2022, from 28079 kb/d to 28876 kb/d in January 2023. W...

Summary Brent futures and WTI crude have fallen over 8.5% since my article “What Awaits The Oil And Gas Industry In 2023” was published. Following the results of an excellent year for the oil and gas industry in 2022, Exxon Mobil plans to send up to $50 billion in a share ...

Summary The oil macro in 2023 will likely be heavily influenced by headlines related to Russian supply and Chinese demand as the country reopens. US production growth is expected to be modest, as companies practice capital discipline and grapple with service cost inflation. Traditio...

Summary With the CPI losing the relief from cooling energy prices, this month showed a solid uptick in prices, coming in at 0.54% (~6.6% annualized). One concerning thing about the most recent print is that many categories sit above the current 12-month trend. The Fed has been reloa...

Summary The U.S. is now in the midst of producing record amounts of natural gas, which will help prices firm up. The milder winter kept prices low, but as the U.S. and Europe are hit by more Arctic air fronts in late winter, natural gas prices could start rising. As seasonal demand rise...

Summary The jobs report certainly seemed good, but everyone who’s been doing this a while knows that January is one of the months that often gets revised a lot. Markets have pushed out the recession start date quite a bit over the last two weeks. Eurodollar and SOFR futures - sho...

Summary October non-OPEC oil production increased by 562 kb/d to 50,565 kb/d. For frac spreads, the general trend since late February 2022 can best be described as essentially flat around the 290 level but with a hint of a slow increase toward 300 frac spreads. World oil production ...

Summary For global equity investors, what’s important is to identify broad trajectories of growth and inflation rates, and then to forecast turning points, or changes in those trajectories. Olga Bitel, Global Equity Strategist, and Hugo Scott‐Gall, portfolio manager and co...

Summary A recession in the United States and in Europe will be less severe than had been expected. Continued economic and military support from the West is the most critical element I think for Ukraine going forward. There's been some improvement in the tone of the relationship betw...

Summary One of the key assumptions behind commodity markets is that it is economic demand that drives pricing. It has been long-conflated that sentiment drives economic activity and that certain correlated indicators are believed to be economic measures and good predictors of future eco...