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For the stock market to bottom, we need a clear vision of how the Fed is going to back off on its assault on high-beta assets. There are more excess reserves in the system now, so the much more aggressive rate of QT may not bite right away, but QT has never reached this scale, so high...
Over at the G7 summit in the Bavarian Alps, Western leaders are attempting to find new ways to curb soaring energy costs, especially given the fears of an oncoming recession. The latest idea being pitched is caps on the price of Russian oil and gas, though obstacles remain and the concept wou...
We remain cautious in equities, but in fixed income, investors now have more yield and credit spread to work with. We think that the Federal Reserve’s rate hikes for this cycle are becoming increasingly priced into the yield curve. Our fixed income team has stress-tested fo...
The June 2022 STEO has revised downward its projected US oil output from May 2022 to Q3-23. The DPR is projecting that oil output for July 2022 will increase by 143 kb/d to 8,900 kb/d. Since the beginning of April, the US has been adding oil rigs at a rate of close to 3.7 rigs/wk....
The steel market increased by 8.9% over the first quarter 2022. Input costs were up, and supply limitations contributed to rising steel prices. The subsea market increased by 3.1% over first quarter 2022. High inflation and rising raw material prices accounted for a significant portio...
With growing production, the expansion of midstream infrastructure since 2018 and a shrinking North American refining system, export volumes of WTI from the U.S. Gulf Coast are poised to set new records. North American oil production growth is expected to be led by the Permian Basin, ...
Active drilling rigs in the U.S. surged by 13 to 753, 60% above year-ago levels, Baker Hughes reported on Friday in its latest weekly survey. Drilling rigs targeting crude oil in the U.S. jumped by 10 to 594, gas rigs gained 3 to 157, and two rigs remain classified as miscellaneous. Rigs targ...
While margins have recently reached record highs for the Energy sector in the S&P 500 as oil prices have risen, overall net profit for US producers remains below record levels seen in 2012. CAPEX for US oil producers has historically outpaced net profit and normally tracks closer ...
Rising real yields will push both gold and oil down which trumps supply and demand for oil. Fed balance sheet reduction will continue to drive real yields higher. The same balance sheet reduction and Fed inflation focus will cool inflation. Oil faces a further recession and de...
The University of Michigan’s consumer sentiment index's preliminary estimate for June plunged to a record low. The good news from all this bad news is that “contrarian theory” says that when sentiment reaches such historic lows, the only way it can go is up. T...
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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...