Global Cross-Asset Energy Analyst, VAC Investments

Aaditya Chintalapati, CFA

Global Cross-Asset Energy Analyst

Thematic (Sector/Industry)

<h2>Oil Price</h2><p>Crude oil prices started 2018 on an extremely bullish note, quickly hitting the highest prices seen over the last 3 years last week. This was largely driven by continued geopolitical turmoil in the Middle East, strong economic indicators and tightening time-spreads on the curve. WTI closed the week at USD 61.57/bbl, a c.2.5% increase over the week whilst Brent closed at USD 67.61/bbl, up c.1.5%.</p><p><em>Strong crude prices also translated into a robust start to the year for energy stocks as</em>…</p>

Oil PriceCrude oil prices started 2018 on an extremely bullish note, quickly hitting the highest prices seen over the last 3 years last week. This was largely driven by continued geopolitical turmoil in the Middle East, strong economic indicators and tightening time-spreads on the curve. WTI closed the week at USD 61.57/bbl, a c.2.5% increase over the week whilst Brent closed at USD 67.61/bbl, up c.1.5%.Strong crude prices also translated into a robust start to the year for energy stocks as…

<h2>Oil Price</h2><p>A major pipeline disruption at the Forties system in the North Sea and consequent Force Majeure declaration by operator INEOS drove Brent crude prices close to USD 66/bbl early this week, the highest level since 2015. However, significant profit-taking later in the week drove prices lower, settling broadly flat for the week at USD 63.2/bbl. WTI saw similar volatility during the week, going as high as USD 58.5/bbl, before ending the week at USD 57.3/bbl. Elsewhere, in its recent Oil…</p>

Oil PriceA major pipeline disruption at the Forties system in the North Sea and consequent Force Majeure declaration by operator INEOS drove Brent crude prices close to USD 66/bbl early this week, the highest level since 2015. However, significant profit-taking later in the week drove prices lower, settling broadly flat for the week at USD 63.2/bbl. WTI saw similar volatility during the week, going as high as USD 58.5/bbl, before ending the week at USD 57.3/bbl. Elsewhere, in its recent Oil…

<h2>Oil Price</h2><p>Crude prices fell through the week driven by concerns around continued US production growth and doubts about Russia's commitment to a likely OPEC quota cut extension when they meet on 30 November. However, prices rebounded on Friday following encouraging comments by Saudi Arabia's Energy Minister as well a leak and subsequent shutdown of the 590 Kbbls/day TransCanada pipeline, to end the week broadly flat. Brent ended the week at USD 62.72/bbl, with WTI at USD 56.55/bbl.  </p><p><em>Our take: My</em>…</p>

Oil PriceCrude prices fell through the week driven by concerns around continued US production growth and doubts about Russia's commitment to a likely OPEC quota cut extension when they meet on 30 November. However, prices rebounded on Friday following encouraging comments by Saudi Arabia's Energy Minister as well a leak and subsequent shutdown of the 590 Kbbls/day TransCanada pipeline, to end the week broadly flat. Brent ended the week at USD 62.72/bbl, with WTI at USD 56.55/bbl.  Our take: My…

<h2>Oil Price</h2><p>We saw another strong week for WTI and Brent Crude prices, with both up c.2% to USD 56.74/bbl and USD 63.52/bbl, respectively. This is the highest oil price seen since mid-2015 and is driven by market anticipation of an extension to OPEC's production cut beyond March 2018. Further, heightened geopolitical risks in oil-producing countries in the Middle East (Saudi Arabia &amp; Lebanon) and Latin America also contributed to rising oil prices. This was however modestly moderated by growth in…</p>

Oil PriceWe saw another strong week for WTI and Brent Crude prices, with both up c.2% to USD 56.74/bbl and USD 63.52/bbl, respectively. This is the highest oil price seen since mid-2015 and is driven by market anticipation of an extension to OPEC's production cut beyond March 2018. Further, heightened geopolitical risks in oil-producing countries in the Middle East (Saudi Arabia &amp; Lebanon) and Latin America also contributed to rising oil prices. This was however modestly moderated by growth in…

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p>Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit lagging relative strength trends. Combined, this relationship is visible in the consumer discretionary/staples ratio, which is breaking out to multi-year highs. In today’s report we highlight the following themes:</p><ul><li><strong>Auto stocks are breaking out -- buy.</strong> Highlighted charts include: <strong>Daimler</strong> (DAI-DE), <strong>Ford</strong> (F), <strong>Hyundai Motor</strong> (005380-KR), <strong>Peugeot</strong> (UG-FR), <strong>Renault</strong> (RNO-FR), and <strong>Volkswagen</strong> (VOW-DE). Increase exposure... <em>see page 4-5</em></li><li><strong>Energy is bottoming -- buy (reiteration).</strong> We highlight a wide selection of actionable names, both small- and large-caps, developed and emerging... <em>see page 6-9</em></li></ul>

Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit lagging relative strength trends. Combined, this relationship is visible in the consumer discretionary/staples ratio, which is breaking out to multi-year highs. In today’s report we highlight the following themes:Auto stocks are breaking out -- buy. Highlighted charts include: Daimler (DAI-DE), Ford (F), Hyundai Motor (005380-KR), Peugeot (UG-FR), Renault (RNO-FR), and Volkswagen (VOW-DE). Increase exposure... see page 4-5Energy is bottoming -- buy (reiteration). We highlight a wide selection of actionable names, both small- and large-caps, developed and emerging... see page 6-9

Int'l Equity Strategy: Buy Energy, Global Autos

Norway

DNO ASA is an oil and gas operator focused on onshore and offshore exploration, development and production. The Company operates in the North Sea, the Middle East, and Africa.

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DNO ASA (DNO NO)

Global E&Ps: Energy Weekly Vol. 7

Oil PriceCrude oil prices started 2018 on an extremely bullish note, quickly hitting the highest prices seen over the last 3 years last week. This...

Aaditya Chintalapati, CFA

Global E&Ps: Energy Weekly Vol. 6

Oil PriceA major pipeline disruption at the Forties system in the North Sea and consequent Force Majeure declaration by operator INEOS drove Brent...

Aaditya Chintalapati, CFA

Global E&Ps: Energy Weekly Vol. 2

Oil PriceCrude prices fell through the week driven by concerns around continued US production growth and doubts about Russia's commitment to a...

Aaditya Chintalapati, CFA

Global E&Ps: Energy Weekly Vol. 1

Oil PriceWe saw another strong week for WTI and Brent Crude prices, with both up c.2% to USD 56.74/bbl and USD 63.52/bbl, respectively. This is the...

Aaditya Chintalapati, CFA

Int'l Equity Strategy: Buy Energy, Global Autos

Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit...

Vermilion Research

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