PSCE News and Press, PowerShares S&P SmallCap Energy Portfolio From 03/15/23

2023-03-15 06:30:00 ET Summary The supply and demand dynamics are bearish for now. Should the shorter-dated spreads diverge from the spot price, it tends to provide a decent signal as to the forthcoming price action. Price action continues to look interesting for the oil price...

2023-03-14 06:20:00 ET Summary Recession indicators are concerning. Bank runs are particularly concerning. Certain companies may outperform in a recession. As negative economic and financial news piles up, there are increasing concerns about a potential upcoming rece...

Summary Small cap oil stocks are cheap. Some actually have higher ROCE and other key measures than their larger peers. Significant upside to a re-rate. Small cap oil & gas equities continue to trade at a material discount to larger cap peers, despite some compelling advant...

Summary Journey's CEO has an impressive track record. He is applying his approach to Journey successfully. Upside from the power generation business. Business is booming for oil and gas producers. Oil prices have risen materially since their pandemic lows, and many E&P...

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 Energy was the best-performing industry in 2022. Energy fundamentals remain strong, and getting stronger. The best is yet to come. Energy was the best-performing equity industry in 2022, and by quite a large margin. The Energy Select Sector SPDR ETF ( XLE )...

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 After a year best forgotten, 2023 has started out with a bang. January was a strong month that gave equity investors a timely relief rally. While this was a welcomed development, I am concerned that equity prices are getting too disconnected from reality. We have a challenging m...

Summary As we head into the end of January, technical conditions in major stock indexes are showing a lot of strength. We think a bear market that could easily trim 50% from indexes is in the cards, but timing is everything. We find price action-driven measures more reliable than su...

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 ...