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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 ...
Summary Storage at the moment is 72% full, well above the five-year average of 54% for this time of year. If we were to see similar storage levels at the start of the next heating season, the EU would only need to add around 43bcm of gas this year. The level of demand destruction se...
Summary In the past month, U.S. natural gas prices (Henry Hub Futures) have declined 51%, marking the worst 30-day performance we have on record. Europe has made a conscious effort to fill its natural gas storage capacity going into winter and reduce its demand for energy, with a Europe...
Summary The Biden Administration has stopped releasing one million barrels per day of light sweet crude oil from the Strategic Petroleum Reserve, so crude oil prices are expected to meander higher, despite a domestic glut of crude oil. Natural gas is more weather-dependent, but I expect...
Summary Towards the end of last summer when there were real worries that many Europeans were going to freeze to death in the winter cold without gas to heat their homes, the price of natural gas in the US traded to the highest levels in over a decade and approached double digits. Suffic...
Summary We expect the first half of 2023 to be choppy as markets process inflation data. Later in the year, central banks should moderate interest-rate hikes, inducing a sustainable risk-asset rally. We expect macro factors to remain in focus, with investors closely watching inflation a...
Summary Resource equities exhibited strong relative gains this quarter, outperforming both global equities and bonds during the three-month period. During the quarter, the greatest contributions to absolute performance came from the oil & gas sub-sector - including the top three ind...
Summary The US EIA Short Term Energy Outlook was published on January 10, 2023. I doubt Russian C+C output will fall as much as the EIA has forecast. The Canadian forecast looks much too high. A guest post by D Coyne The US EIA Short Term Energy Outlook (STEO) ...
Summary The Labor Department announced that the Consumer Price Index (CPI) declined -0.1% MoM in December, which was in line with economists’ consensus estimate. Core CPI rose 0.3%, but that was also in line with the economists’ consensus estimates. There is no CPI evidenc...
Summary Dutch front-month TTF Natural Gas Futures plunged 15% on Monday to €54.85 per megawatt-hour (MWh). The price has collapsed by 84% from the crazy spike in the summer of 2022 and is now back where it had first been in early September 2021. What spooked the European natu...
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Barclays Bank PLC iPath Series B Bloomberg Natural Gas Subindex Total Return ETN Company Name:
GAZ Stock Symbol:
NYSE Market:
Natural gas prices have soared to record highs this year due to a global energy crunch. Furthermore, because the EIA anticipates prices will remain high, at least through year’s end amid below-average inventories and rebounding demand, natural gas ETFs should benefit. We believe natura...
Barclays Bank PLC (“Barclays” or the “Issuer”) announced a temporary reduction of the minimum early redemption size of certain series of ETNs as specified in the table below (together, the “ETNs”). Currently holders of the ETNs are required to redeem...