Previous 10 | Next 10 |
As we mark the halfway point of the year, the economy is in full recovery mode and asset prices are soaring. As we enter the second half of the year though, it is hard to ignore some contradictions. Economic growth in H1 is going to print a big number, and yet, the 10-year Treasury no...
Lower 48 production is down ~4 Bcf/d since the Majorsville Facility shutdown on Wednesday. The immediate response in the market was for prices to go through the roof and our short position to get stopped out. But while production has been severely impacted, power burn has also fal...
Currently, I expect the EIA to report a build of 26 bcf next week (a final estimate will be released on Wednesday). The annual storage deficit is projected to narrow by 26 bcf by August 6. We are in the "uncharted territory" as U.S. fundamentals do not justify the current level of...
MSCI US REIT Index rallied 2.7% in June, which marks an impressive run of eight consecutive monthly increases. The Russell 3000 Index jumped 2.5% in June, the fifth straight monthly advance. Comparing GMI to US stocks and bonds shows that global asset allocation remains competitiv...
Natural gas opens the new week with another rally, sparked by forecasts of unusually hot weather and expectations that soaring gas prices worldwide will lift exports to record levels.On their last day as the front-month contract, gas futures (NG1:COM) for July delivery closed +3.5% to $3.617/...
Lumber is driven by home building, which is in an upturn. Oil is driven by a similar dynamic. Natural gas is in a deficit but is more complicated. Commodities staying high will drive inflation. For further details see: Inflation In Depth: Lumber, Oil And Natural Gas ...
The EIA issues revision data by whole states or state districts rather than by basin, so some of the reserves and production, but a small proportion, will be from conventional reservoirs. Cumulative adjustments and revisions turned negative in 2019 and I expect will show a major decli...
Currently, I expect the EIA to report a build of 72 bcf next week (a final estimate will be released on Wednesday). The annual storage deficit is projected to expand by only 5 bcf by July 30. Natural gas price has reached a seven-year high despite the fact that natural gas storage...
EIA reported a bullish storage report today of +55 Bcf. The key data in this report was the 4 Bcf draw in South Central. A draw in South Central highlights a tight market, and the price reaction is telling. But while prices continue to rise, the relationship between natural gas an...
One risk on investors’ minds hasn’t been much of a factor in nearly a decade: inflation. By the end of 2020, despite real assets regaining some ground, the return deficit was –6.8%. Actually, when evaluated on multiple dimensions—inflation sensitivity, ...