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Summary OPEC+ members surprised the market yesterday by agreeing to cut their output target by 100Mbbls/d for October. However, given that OPEC+ has been producing well below production targets for some time now, the impact of this cut on actual supply is limited. Given the vo...
Summary The price cap on Russian oil will not work. Instead, it will exacerbate the shortage in Europe. And it will open the door for even more arbitrage business. Thesis On Friday, the G7 countries decided to set a price cap for Russian oil. Although exact d...
Summary U.S. June production increased by 201 kb/d to 11,816 kb/d. June’s New Mexico production increased by 30 kb/d to 1,531 kb/d to a new record high. Over the last 5 weeks ending September 2, the frac spread count and the US rig count have both declined. ...
Summary Physical commodity markets remain very finely balanced. Part of the reason for high inflation is commodity prices have been strong. There are signs from OPEC that they would be willing to adjust their production to accommodate Iranian barrels back onto the market. ...
Summary While weaker oil prices in recent months have provided some relief to consumers, the same cannot be said for European natural gas. Gas prices have seen significant strength as fears over how Russian gas flows evolve only grow as we move closer towards heating season. A...
Summary According to the FT Europe’s benchmark, gas prices rose almost a third last week. In fact, they hit more than €343 ($345) per megawatt hour on Friday. These numbers are more than 30 times higher than prices two years ago and more than ten times their current ...
Summary Unsurprisingly, the universe of frontier and early-stage producers has changed dramatically since we last addressed the topic in a major report in 2017. It is already clear that not all frontier governments will be able to recognize and capitalize on the current situation ...
Summary Since Powell shocked the world with an unexpectedly hawkish speech last week, the market has been struggling to guess just how much worse a tighter Fed is going to be for the economy. As a first pass, the market has decided that it looks a bit scary: most risk assets are d...
Summary Today's market X-ray shows the returns for each index, asset class, sector, and so on, since the recent low point on June 16th. Of the global indices, US small caps are in the lead, followed by the NASDAQ. High beta stocks are the most preferred factors since June 16. ...
Summary I am keeping my West Texas Oil price range of $90 to $110 per barrel for September. There are lots of crosscurrents that could move prices beyond this range. Oil traders and pundits will be watching what OPEC+ decides over the long weekend and how Saudi Arabia positions it...
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UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B Company Name:
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UBS Investment Bank today announced that it will redeem all of the outstanding securities of the series set forth in the following table (the "Securities"): * The table above provides the hyperlink to the relevant prospectus supplement for the Securities. Capitalized terms used but not de...