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Inventory just keeps falling. US Crude Production remains on a very slow recovery with a headwind from SPR releases. Crude working inventory continues a drawdown which one can interpret as an industry continuing to improve its use of working capital. Inventory just keeps...
Since the Russian invasion of Ukraine, there have been increasing questions about the ability of Canada, the world's fourth largest oil producer - and specifically the oil sands - to contribute more oil to the United States and the global market. Market instabilities of the past - bot...
Since the beginning of Russia’s planned Nord Stream 1 maintenance period (from July 11 to 22), European gas storage stock change has dropped below historical averages. Today, Europe is adding significantly less gas to its storage than it has at this time over the past five year...
In all fairness to the Atlanta Fed, some of last week’s statistical releases indicate an economic slowdown, but at a very slow pace, nothing like the rapid contraction that accompanied serious contractions in 2008-9 or 2020. Russia’s Gazprom last week notified major cust...
Energy ( NYSEARCA: XLE ) easily leads Monday's S&P sector standings, +3.1% as U.S. oil futures rise to start the week while remaining below $100/bbl, supported by a slightly weaker U.S. dollar and improving equity markets. September WTI crude ( CL1:COM ) ...
Despite being dragged down with most other asset classes in June’s selloff, resource equities have continued to exhibit remarkable resilience relative to broad equities, bonds and other real assets over the last year. Many resource companies - particularly in oil and gas explor...
Again, inflation has surprised to the upside. The Consumer Price Index was up 1.3% month-over-month and 9.1% year-over-year in June. Fears of a recession contributed to the decline in commodity prices from early June highs. In our view, this reaction is misguided. The future path ...
We've witnessed the steepest commodity outflows since 2014 over the last week. We see severe constraints to oil production over the next year. We expect oil prices to remain elevated for the foreseeable future. Oil prices have pulled back from recent highs as dem...
Active drilling rigs in the U.S. gained 2 to 758, 54% above year-ago levels, according to Baker Hughes' latest weekly survey . Drilling rigs targeting crude oil remained unchanged at 599, while gas rigs gained 2 to 155, while 4 rigs were classified as miscellaneous. Rigs tar...
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...
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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...