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We are nowhere near demand destruction for oil and gas. Blackouts, brownouts, surging prices are crashing the green energy narrative. Interestingly, people like electricity and get really grumpy when its not there. We think a golden age of renewal for non-renewables is about to be...
The transition towards a decarbonized economy is underway. It will involve a massive reallocation of resources. Economies will be reshaped as carbon emissions are cut, inevitably impacting portfolios. A possible acceleration from the current path, plus repricing that could have furthe...
Energy’s share of the ACWI Index weight has declined from a peak of 16% in 2008 to 5.2% at the end of May 2022. Energy has been the best performing sector in the MSCI ACWI year to date through June 22. Higher oil prices have been a boon to energy companies, leading to highe...
As of May 2022, refining capacity stands at 17.9 million barrels per day (bpd). With utilization at near-record highs, the refinery margins are also at a record high. The energy industry is also moving to a net-zero carbon strategy which means less investment will be put into refi...
We expect elevated inflation to continue into 2023 due to the lagged impact of food supply disruption and elevated energy costs. Should a recession occur, its scale is likely to be limited by the reduced number of negative feedback loops. Consumers enter this slowdown with a large...
The American Petroleum Institute reported on Tuesday that its weekly data showed a 3.8M-barrel draw in U.S. crude inventories, a 2.85M-barrel build in gasoline stocks and a 2.6M-barrel build in distillate inventories, according to Dow Jones. Data due Wednesday from the U.S. Department of Ener...
The gap between energy stocks and consumer discretionary stocks is striking. We think the market is suggesting that extreme energy inflation will lead to a dramatic reduction in spending. If consumer spending turns out to be more resilient than the market expects, we think the con...
Just before the US Fed raised interest rates on June 15, 2022, Crude Oil was trading above $120ppb. I believe the US Federal Reserve will continue to raise rates aggressively in an attempt to tame inflationary trends. With the market environment and Crude Oil trend, it’s im...
My July forecast for West Texas Intermediate is that it will range between $100 to $120 per barrel, and this range is ten dollars lower than my June forecast. Even at WTI prices of about $110 per barrel, consumers are facing high gasoline prices because refinery crack spreads are extr...
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...
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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...