OLEM News and Press, Barclays Bank PLC ZC SP ETN REDEEM 18/04/2041 USD 50 - 06740P221 From 11/01/22

Summary It is no surprise that with a retreat of 10-year Treasury yields off the highs of 4.33%, the stock market had a big rebound last week. When it is up to the bond market to decide what happens to stocks, then it is up to Jerome Powell, who will be delivering his FOMC press c...

Summary Virtually all of the Q3 2022 GDP growth was attributable to a lower trade deficit that added 2.77% to GDP growth. Most of that came from higher petroleum exports, due largely to one million barrels per day being released from the SPR. In two to three years, I expect energy...

Summary Russian oil will find its way to the market, one way or another. In looking at oil, we cannot simply look at oil supply and demand; we must also look at the market as a whole. November and December promise to be exciting months, as all recent months have been, in the o...

Summary EIA-914 came out today, and August US oil production came in at 11.975 million b/d. Since August, US oil production is flattish, coming in between 12 and 12.1 million b/d for October. We're likely to finish the year around ~12.15 million b/d or a growth rate of ~600k b...

Summary Will the fourth 75 basis-point rate hike be the last major rise before the Fed downshifts in December? Next week’s FOMC decision is widely expecting a unanimous vote for one last major rate increase. Inflation has hit double-digits and remains the ECB’s numbe...

Summary Over the past six months, President Biden has drawn down one-third of the U.S. Strategic Petroleum Reserve in an attempt to lower WTI crude prices and ease consumers’ pain at the pump. The SPR is part of a longstanding multilateral agreement between the U.S. and 30 ...

Summary Most biofuels come from Brazil. Brazil produces about one million barrels per day of ethanol during its winter months there and none during its summer months. From January 2018 to June 2022, World Other Liquids, less Brazil, increased by two million barrels per day. Th...

Summary Today, we face a new imperative: to balance energy security, transition and sustainability - to meet global demand for the fuels that drive our global economy, and to build the energy systems to redress climate change. Lesson one is that energy security and energy transiti...

Summary The US Strategic Petroleum Reserve (SPR) was founded in the wake of the 1973-74 oil embargo to help insulate the US from the impact of a severe oil supply interruption. This year, the Biden Administration announced the largest drawdown in SPR history as Russia’s inv...

Summary The root of Europe’s energy crisis is under-investment or outright dis-investment in nuclear energy and natural gas production/storage/transportation, combined with over-reliance on intermittent and relatively inefficient forms of renewable energy. Russia’s i...