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With dollar indexes reaching 20-year highs, the strength of the dollar adds important context to the recent weakness in oil prices. The ten-year inverse correlation between oil and the Bloomberg Dollar Spot Index (BBDXY) is -0.19. Apart from dollar strength, significant selling an...
This research highlight summarizes the key impact papers and provides an overview the market signposts in Q2. Mainland China will continue to tighten its efficiency control over the energy-intensive industries as part of the key efforts to achieve carbon pledges. An unprecedented ...
Two opposing forces appear to be dominating the market currently, with investors polarized between recession fears and bargain hunting following this year’s large equity selloff. Investors priced in most central bank tightening and seem more confident with the inflation outlook...
We think the oil/energy price spike from Putin’s war may be plateauing. When oil prices rise, the bonds that are issued by these energy companies get a windfall since their revenue coverage is higher and therefore the coverage of the bonds improves. We are underweight the f...
U.S. crude oil prices bounced above $100/bbl on Monday, and could be poised to finish at that key level in a week, as tight oil supplies and the dollar pulling back from multiyear highs outweigh concerns about recession and COVID-19 lockdowns in China. WTI August crude ( CL1:C...
The OPEC Monthly Oil Market Report for July 2022 was published recently. OPEC output was revised lower in April 2022 by 6 kb/d and May 2022 output was revised down by 26 kb/d compared to last month’s MOMR. World liquids supply increased to 99.8 Mb/d in June 2022, 9.6 Mb/d h...
Active drilling rigs in the U.S. rose by 4 to 756, according to the latest weekly survey from Baker Hughes . Drilling rigs targeting crude oil gained 2 to 599, and gas rigs were unchanged at 153, while 4 rigs were classified as miscellaneous. Rigs targeting oil in the Permia...
The energy market is a tug-of-war between fundamentals in the energy industry which is pretty tight. The energy sector has been driving a lot of performance in the S&P/TSX Index since the recovery from the Covid-19 pandemic. In the short term, I do expect the integrated compan...
As prices rise, consumers are put under extreme pressure to keep their normal standard of living. As inflationary pressures continue, consumers make necessary sacrifices to manage their budgets – often going into debt in the process. Eventually, this cycle breaks, and infla...
Despite the biggest decline ever in the SPR, total US oil inventories (outside of the government’s emergency SPR) have barely budged off their lows. When we look at the 10-year seasonal pattern for total US oil inventories, we are well below the 10-year extreme low and, seasona...
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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...