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Natural gas prices have been on a steady uptrend this year and likely headed higher by this summer. Europe's natural gas situation is likely to worsen before it gets better. If Russia continues to restrain exports, storage by the end of injection will be at record lows. US gas wil...
Global oil demand will continue to be the most important variable this year. Russia invading Ukraine will likely push ex-OPEC production estimates lower. US oil production has been revised up from 12.2/12.3 exit to 12.4/12.5 million b/d. Inverse Dollar versus WTI has dramatica...
A Russian expert offers a different perspective on the strategy of Putin's war. The intersection between geopolitics and energy is creating new alliances and deals. U.S. oil and gas producers will benefit but the energy transition impetus has increased tailwinds. For further...
What are the obstacles Europe faces using the global LNG market to offset Russian supply? McKay: US LNG exports to Europe are tapped out. This is why U.S. prices are less sensitive to what is happening in Europe. McKay: The LNG market remains very attractive amid fundamental tight...
With global markets close to post-Ukraine war highs, we remain neutral on global equities. In the UK, the Bank of England is the outlier for now, raising interest rates by a further 0.25% but alluding to the possibility of an easier trajectory of rate increases as growth slows due to ...
WTI crude closed last week at $114 a barrel, so the 2008 high is in play, contingent of course on how the Ukrainian crisis plays out. With sanctions on Russia, one of the largest commodity producers, about 25% of the global wheat supply is in danger, and given that the soybean harvest...
Before the Russia-Ukraine war, the energy sector and defense industry were both shunned because of sustainability and ESG considerations. Now, gas prices at the pump have soared in the US. Natural gas prices in Europe, which relied on Russian supply, have also jumped. Shares of de...
Oil prices have reached the highest levels since the all-time highs in 2008. The most obvious explanation for the sharp rally is the military conflict in Ukraine and the threat of a loss of Russian oil supplies. The extent to which a forward curve is in backwardation or contango is st...
There has been a lot of talk about the US supplying more LNG to Europe to replace a small portion of pipeline natural gas from Russia. As the price of natural gas in the US collapsed in 2008 amid surging production from fracking, the industry tried to find an outlet. LNG export ca...
We believe that the Cybersecurity theme can help manage geopolitical risk in a portfolio, as well as idiosyncratic risk linked to companies’ product and supply chain weaknesses. We expect equity markets to be supported by negative real yields as high inflation persists. The...