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The UK government's Energy Security strategy offers new details on offshore wind and nuclear generation plans. But while the strategy is a necessary step forward in the UK's net-zero journey, it still leaves the UK reliant on natural gas in the meantime. This means Britain is vuln...
Russia is a key supplier of refined products to OECD Europe, supplying about 39% of total imports according to the IEA. The natural gas market has provided support to middle distillates in two forms. If refiners are unable to increase middle distillate yields significantly, strong...
All key commodities required by the modern economy are finite in supply, and the cheapest and best have gone first. Many vital resources are fully recycled by nature. Decarbonizing the global economy at the same time as we have to become rapidly more protective of our limited reso...
Inflation expectations have kept the Federal Reserve center stage as they commenced their interest rate rising cycle in March. The war in Ukraine and Omicron’s spread in China impacted inflation and supply chains differently, but both delay supply chain normalization. Regar...
The growing determination of the European Union countries to move away from dependence on imports of Russian oil and gas provides an opportunity for Middle Eastern producers of hydrocarbons. But taking advantage of this opportunity will be somewhat difficult. In the short run, the Gul...
With operators globally striving for carbon-neutral status, carbon management is essential. Bayu-Undan, which is operated by Santos, is located within the Bonaparte Basin in East Timor waters. The sanctioning of the Barossa project back in March 2021 was great news for the region,...
Oil prices are going to face the SPR release headwind, but natural gas has no SPR. Natural gas prices in the US have diverged significantly with global LNG prices. But with low absolute storage and marginal LNG exports driving the price, we see US gas prices going way higher this ...
There's still a lot of money in circulation that the Fed created from MMT, and it has to go somewhere. Much of that money will start hiding in 2- to 5-year Treasuries securities while the yield curve remains inverted, but also, fortunately, much will go into stocks that serve as inflation...
Stock markets fell in the first quarter as Russia’s invasion of Ukraine destabilized the growth outlook, amplified concerns about rising interest rates and unleashed geopolitical risks. While the conflict has created many uncertainties, we believe the impact of persistent infla...
The U.S. announced a record-breaking SPR release of 180 million bbls. Assuming that the SPR hits between May 6 to Oct. 14, US commercial crude storage will build during the summer months. US crude storage with SPR is set to fall below ~800 million bbls as the unprecedented SPR rel...