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With global markets close to post-Ukraine war highs, we remain neutral on global equities. In the UK, the Bank of England is the outlier for now, raising interest rates by a further 0.25% but alluding to the possibility of an easier trajectory of rate increases as growth slows due to ...
WTI crude closed last week at $114 a barrel, so the 2008 high is in play, contingent of course on how the Ukrainian crisis plays out. With sanctions on Russia, one of the largest commodity producers, about 25% of the global wheat supply is in danger, and given that the soybean harvest...
Before the Russia-Ukraine war, the energy sector and defense industry were both shunned because of sustainability and ESG considerations. Now, gas prices at the pump have soared in the US. Natural gas prices in Europe, which relied on Russian supply, have also jumped. Shares of de...
Oil prices have reached the highest levels since the all-time highs in 2008. The most obvious explanation for the sharp rally is the military conflict in Ukraine and the threat of a loss of Russian oil supplies. The extent to which a forward curve is in backwardation or contango is st...
We believe that the Cybersecurity theme can help manage geopolitical risk in a portfolio, as well as idiosyncratic risk linked to companies’ product and supply chain weaknesses. We expect equity markets to be supported by negative real yields as high inflation persists. The...
What really intrigues us right now is the relationship between the prices of corn and gasoline and what it could be telling us about the future. Most automobile gasoline sold in the US is a 10% ethanol mix. This means a lot of corn is mixed into gasoline. It’s part of the reaso...
The cumulative crude plus condensate (C+C) output for the scenarios from January 2021 to December 2050 is 112 Gb, 140 Gb, and 200 Gb for the low oil price, reference, and high oil price cases, respectively. Based on current oil prices, the high oil price case might be more reasonable,...
The 60/40 has become the gold standard of portfolios, so you’d think that there’s very strong empirical support for this specific allocation. When we look at the historical data, the exact opposite portfolio (a 40/60) has been the optimal risk-adjusted return portfolio. ...
US crude storage failed to build in Q1. The implied balance is -0.44 million b/d for US crude storage with SPR. If this trend continues, US crude storage with SPR is going to ~800 million bbls. What does this mean? It means oil prices are going higher. How high will oil prices...
Active drilling rigs in the U.S. rose by 7 to 670, with the entire gain coming in oil rigs, according to the latest weekly report from Baker Hughes. Rigs targeting crude oil in the U.S. gained 7 to 531, while gas rigs remained flat at 137 and two rigs were classified as miscellaneous; rigs ta...
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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...