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The broader equity categories turned in negative results in Q1. U.S. large-cap stocks, as measured by the S&P 500 Index, held up the best at a decline of 4.6%. Bonds performed worse than many of the equity categories, despite typically being viewed as a safe haven investment. In t...
Does the yield curve inversion cause a recession or does it just provide a signal? Is the inversion only about expected future monetary policy? Do other factors also influence the shape of the curve, and if so, can we disentangle the various factors? There is a lot that we don’...
The December 2021 output of 49,628 kb/d is 2,566 kb/d lower than the March pre-covid rate of 52,194 kb/d. The constraints put on Canada’s export capacity by the cancellation of Keystone XL were mitigated by the start up of Line 3. The EIA reported that Russian output decrea...
In this second part, we will take a deep dive into the drivers behind the move in long-dated oil prices and why we think this is just the beginning of a multi-year repricing of the entire forward curve. In a nutshell, after the oil crash in early 2020 on the back of the first global C...
The FOMC’s latest rate hike cycle has begun, following the March 15-16 meeting in which the Federal Reserve hiked rates 25 basis points (bps). In the week after the announcement of the rate hike (through March 25), WTI front-month crude oil prices at CME Group rose almost 20%. ...
Last year’s headlines (COVID-19 and China) have been replaced with new concerns (Invasions and Inflation). Central bankers are pivoting from stabilizing growth to limiting inflation. Traditional bond and equity markets have come under pressure as they adjust to this new regime....
Active drilling rigs in the U.S. jumped by 16 to 689, Baker Hughes said Friday in its latest weekly report. U.S. crude oil drilling rigs rose by 13 to 546, while gas rigs gained 3 to 141 and two rigs remained classified as miscellaneous; rigs targeting oil in the Permian Basin increased by 9 ...
Russia is a key supplier of refined products to OECD Europe, supplying about 39% of total imports according to the IEA. The natural gas market has provided support to middle distillates in two forms. If refiners are unable to increase middle distillate yields significantly, strong...
All key commodities required by the modern economy are finite in supply, and the cheapest and best have gone first. Many vital resources are fully recycled by nature. Decarbonizing the global economy at the same time as we have to become rapidly more protective of our limited reso...
Inflation expectations have kept the Federal Reserve center stage as they commenced their interest rate rising cycle in March. The war in Ukraine and Omicron’s spread in China impacted inflation and supply chains differently, but both delay supply chain normalization. Regar...
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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...