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Summary Near-term hydrocarbon markets remain tight, stemming from Russia/Ukraine, but long-term oil prices are being driven lower by additional emerging factors. Recessionary fears in the U.S. and Europe, continued COVID disruptions impacting Chinese demand, and Russian barrels re...
Summary The world has always relied on the Saudis for decades to calm the oil markets by producing more oil when prices rise, something they are not capable of doing as the truth of their capabilities is now being questioned. We have liquidated our strategic oil reserves, pulled b...
Summary Energy stocks are poised to report strong earnings for the second half of 2022, while the S&P 500 is forecasted to post earnings declines. The green revolution will continue, but with barely 3% of U.S. electricity production originating from solar and wind sources, fos...
Summary Global inflation was generally moderating when the pandemic began, and the downward trend continued into the early months of the crisis. Food and energy are the main drivers of this inflation, as our Chart of the Week shows. Inflation continued to climb through July, a...
Summary We think the energy crisis will spur a recession in Europe. The ECB is trying to fight inflation without recognizing the costs. We prefer credit over equities. The ECB raised rates by a record 0.75%. We think the ECB will keep raising rates through year-end until the econo...
Summary England and Europe’s near-total reliance on Russia for their energy needs has prices spiking massively the last several months. We are starting to see the latest government bailouts - those of utilities. We feel that the only real consequential downside moves in the...
Summary May Non-OPEC production decreased by 148 kb/d to 48,834 kb/d. World oil production in May decreased by 638 kb/d to 78,947 kb/d according to the EIA. The supply-demand situation for 2023 is expected to be very tight with February 2023 showing a shortage of over 2,000 kb...
Summary The main economic data release for the trading week is the US inflation report. The UK economy is in a precarious position and facing a recession. Chinese President Xi is expected to meet with Russian President Putin at the Shanghai Cooperation Organisation summit in U...
Summary VLCC tonne-miles increased by 4.8% on month and 6.8% on year. This has been the highest employment achieved so far this year. Laden VLCCs now represent more than 45% of the total fleet globally, an unprecedented level since since early H2 2020. The outlook for winter d...
Summary Crude oil prices are an excellent measure of consumer engagement and activity worldwide. While crude oil contracts, alternative energy sources may experience a rising price cycle. The collapse in the financial markets broke consumer expectations and spending habits as ...
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Barclays Bank PLC ZC SP ETN REDEEM 18/04/2041 USD 50 - 06740P221 Company Name:
OLEM Stock Symbol:
NYSE Market:
Barclays Bank PLC (“Barclays”) announced today that it plans to change the ticker for its iPath ® Pure Beta Crude Oil ETNs (the “ETNs”) which are currently listed on the New York Stock Exchange under the ticker symbol “OLEM”. The current and...
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...