OLEM News and Press, Barclays Bank PLC ZC SP ETN REDEEM 18/04/2041 USD 50 - 06740P221 From 12/20/22

Summary CPI rose only 0.1% in November and 7.1% in the past 12 months. The monthly CPI was lower than the economists’ consensus expectation of 0.3%, and that triggered a massive bond rally that caused Treasury yields to plummet. The Fed never fights market rates, so even thou...

Summary PPI is cooling off, due largely to the fact that the big PPI surges from a year ago are being “cut off” in the annual calculation. Core PPI, excluding food, energy and trade margins, rose just 0.3% in November and 4.9% in the past 12 months. ISM announced that its ...

Summary Avoiding envy, and its associated pitfalls, is one of the simple secrets to a successful investment portfolio. Value once again outperformed Growth in the last week. After closing below the 200-day moving average for two weeks running, the US Dollar seems firmly entrenched i...

Summary Demand destruction is weighing on prices globally as financial conditions tighten. The good news is that headline CPI is set to follow crude lower in 2023. This Wednesday, any dovish nods out of the FOMC could spark a year-end relief rally in risk markets. Demand d...

Summary The market implications of price caps on Russian oil. As Russian price caps kick in, what it means for oil production. Why oil prices are giving up gains for the year and sitting at a new 2022 low. As the G7’s new price cap on Russian oil kicks in, a...

Summary The spot price for a barrel of Brent crude oil, a market benchmark, is actually down for the year to date. Oil’s downward trend over the past two months is one of the more counterintuitive developments we have seen this year. If China manages to stay on course with it...

Summary I am structurally bullish on gold and oil with a multi-year timeframe. Between the two, gold likely has the advantage fundamentally and in terms of current momentum over the next 6-12 months. This is part of our Stock Waves' "Where Fundamentals Meets Technicals" short-form t...

Summary The physical oil market has turned bearish. The signals we said to watch out for in June are flashing red. The only way we can arrive at what the market is expecting for 2023 is to assume a ~900k b/d drop in global oil demand y-o-y for Q1. The good news is that even if w...

Summary U.S. equity markets are grappling with the highest inflation in decades, critical central bank policy decisions, and slowing economic growth. Energy’s positive dispersion can be attributed to the outperformance of energy stocks this year, which has propelled the S&P E...

Summary China is the world’s second-largest economy and the biggest crude importer. Earlier in 2022, crude oil was in backwardation. Beware of political risks in both Russia and China in the coming months. By Blu Putnam In November, the powerful influence of...