OLEM News and Press, Barclays Bank PLC ZC SP ETN REDEEM 18/04/2041 USD 50 - 06740P221 From 10/07/22

Summary Commodity markets have come under pressure due to a strengthening US dollar and a raft of central banks hiking interest rates recently. This has clouded the macro outlook. However, the supply picture for a number of commodities remains fragile. The EU appears to have a...

Summary There was no doubt that OPEC+ was going to cut supply when the group met in Vienna. However, the agreed 2MMbbls/d supply cut was at the top end of expectations. While the actual cut will be quite a bit smaller, it is still enough to dramatically change the oil balance ...

Summary Oil and stock prices generally don’t mix. A big jump in oil prices usually leads to lower stock prices, while stock prices often experience a boost when oil prices decline. The S&P 500 is up over 5% week to date through Tuesday’s close, while oil prices s...

Summary It is worth considering that Russia may embargo oil exports given the unfavorable situation it faces. To hedge against this, blue chip oil stocks exposure might be considered, suffice to say that oil stocks are probably a worthwhile investment even if Russian oil embargo d...

Summary The era of easy, low-priced energy has come to an end. Production trends from key oil producing areas are not positive. We are and have been bullish on oil and gas stocks and think the rally is still in its early phase. Oil oriented ETFs such as the USO and BNO may...

Summary Taken by themselves, yesterday’s moves in all three asset classes were large but hardly out of the norm. What was unique about yesterday, or at least used to be considered unique, was the fact that all three asset classes rallied 1.5%+ on the same day. It’...

Summary We expect macro headwinds will continue to pressure U.S. corporate earnings in the coming months. We expect earnings expectations to decline as multinational firms realize foreign exchange headwinds that accelerated over the past year. Investors can avoid undue interna...

Summary U.S. July production increased by a minimal 12 kb/d to 11,800 kb/d. ConocoPhilips continues to pursue the Willow oil project in Alaska while NGOs oppose it. In August, a new oil field was discovered - a geological company confirmed the Wyoming deep discovery. The n...

Summary YTD, the S&P 500 is now down 24% while bonds have their own double-digit losses. Like stock valuations, currency valuations aren’t great timing tools but over a 3-year period after becoming undervalued, the outperformance is strong. Consumer defensive stocks...

Summary I am reducing my West Texas Intermediate oil price range by $10 to range between $80 to $100 per barrel for October. As I write, the VIX is nearly 32, an unusually high value. The VIX is often referred to as a fear gauge because the higher it is, the more volatile markets ...