Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Commodities

<ul><li>Welcome to our weekly EIA watch paired with a few remarks on the postponed OPEC meeting.</li><li>We have had a look at OPEC production and export numbers, and it seems like production is much more price bullish than actual net exports (meaning a draw on local OPEC inventories)</li><li>Interestingly, the US, Nigeria, Iran, UAE (among others) have managed to fill a lot of the production gap left open by left open by Saudi Arabia.</li></ul>

Welcome to our weekly EIA watch paired with a few remarks on the postponed OPEC meeting.We have had a look at OPEC production and export numbers, and it seems like production is much more price bullish than actual net exports (meaning a draw on local OPEC inventories)Interestingly, the US, Nigeria, Iran, UAE (among others) have managed to fill a lot of the production gap left open by left open by Saudi Arabia.

EIA and OPEC Watch: Depending on Nigeria and Iran

<ul><li>Welcome back to our weekly EIA report, where we run through demand and supply data and give our cents on where we are heading next – and what the implications are for energy markets.</li><li>As always we present the main conclusions up-front: 1) Oil demand will likely come in hot in November on the back of strong gasoline demand in October due to the lags in energy markets (Gasoline leads oil – not the other way around).</li><li>2) Gasoline numbers in September were likely just a data-glimpse, as no high-frequent data series seem to agree with the narrative that demand for fuel is dropping.</li></ul>

Welcome back to our weekly EIA report, where we run through demand and supply data and give our cents on where we are heading next – and what the implications are for energy markets.As always we present the main conclusions up-front: 1) Oil demand will likely come in hot in November on the back of strong gasoline demand in October due to the lags in energy markets (Gasoline leads oil – not the other way around).2) Gasoline numbers in September were likely just a data-glimpse, as no high-frequent data series seem to agree with the narrative that demand for fuel is dropping.

EIA Watch: September Weakness Was Fake News. Time to Buy Oil?

Energy Transition | AI | Shifting World Order, Mint Finance

Pranay Yadav

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Crack spread refers to the gross processing margin of refining (“cracking”) crude oil into its by-products.</li>
<li>Crack spreads are affected by seasonality, supply, and inventory levels of crude and refined products, as well as demand for each refined product.</li>
<li>A low-demand outlook for refined products of crude is prevalent due to expectations of an economic slowdown.</li>
</ul>


Crack spread refers to the gross processing margin of refining (“cracking”) crude oil into its by-products.
Crack spreads are affected by seasonality, supply, and inventory levels of crude and refined products, as well as demand for each refined product.
A low-demand outlook for refined products of crude is prevalent due to expectations of an economic slowdown.


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

<ul>
<li>Snap-Back rallies have continued in the largest global equity markets (U.S., Japan, and Europe).</li>
<li>Japan's TOPIX is still below 2690-2700 and the EURO STOXX 50 is below 4884, and whether they roll over here or from marginally higher levels, lower highs remain likely.</li>
<li>It all fits with our ongoing belief (since our July 25, 2024 Int'l Compass) that MSCI ACWI is going through a 1- to 4-month pullback/consolidation (we are one month in).</li>
</ul>


Snap-Back rallies have continued in the largest global equity markets (U.S., Japan, and Europe).
Japan's TOPIX is still below 2690-2700 and the EURO STOXX 50 is below 4884, and whether they roll over here or from marginally higher levels, lower highs remain likely.
It all fits with our ongoing belief (since our July 25, 2024 Int'l Compass) that MSCI ACWI is going through a 1- to 4-month pullback/consolidation (we are one month in).


Shift Now to Defensives; Snap-Back Rally Testing Resistance $ACWI $SPX; Neutral Outlook Intact

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

<ul>
<li>Welcome back to the Energy Cable, where we always try to be concise and concrete about what’s going on in the energy space.</li>
<li>The last couple of weeks have presented us with what might be a new energy bull run, as markets liked the message from the Saudis amidst a global economy that is in far better shape than feared.</li>
<li>So how’s the outlook?</li>
</ul>


Welcome back to the Energy Cable, where we always try to be concise and concrete about what’s going on in the energy space.
The last couple of weeks have presented us with what might be a new energy bull run, as markets liked the message from the Saudis amidst a global economy that is in far better shape than feared.
So how’s the outlook?


The Energy Cable #37 – The good old fossil fuels are back in business

United States

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

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Crude Oil (CL1 COM COMDTY)

EIA and OPEC Watch: Depending on Nigeria and Iran

Welcome to our weekly EIA watch paired with a few remarks on the postponed OPEC meeting. We have had a look at OPEC production and export numbers,...

Steno Research

EIA Watch: September Weakness Was Fake News. Time to Buy Oil?

Welcome back to our weekly EIA report, where we run through demand and supply data and give our cents on where we are heading next – and what the...

Steno Research

Navigating the Crude Oil Crack Spread

Crack spreads, influenced by seasonality, supply, inventory levels, and demand, face a low-demand outlook for refined products amidst expectations...

Mint Finance

Shift Now to Defensives; Snap-Back Rally Testing Resistance $ACWI $SPX; Neutral Outlook Intact

Shift Now to Defensives (Health Care, Telecommunications, Utilities, and Consumer Staples); Snap-Back Rally Testing Resistance $ACWI $SPX; Neutral...

Vermilion Research

The Energy Cable #37 – The good old fossil fuels are back in business

Welcome back to the Energy Cable, where we always try to be concise and concrete about what’s going on in the energy space. The...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EIA and OPEC Watch: Depending on Nigeria and Iran

Welcome to our weekly EIA watch paired with a few remarks on the postponed OPEC meeting. We have had a look at OPEC production and export numbers,...

Steno Research

EIA Watch: September Weakness Was Fake News. Time to Buy Oil?

Welcome back to our weekly EIA report, where we run through demand and supply data and give our cents on where we are heading next – and what the...

Steno Research

Navigating the Crude Oil Crack Spread

​Crack spreads, influenced by seasonality, supply, inventory levels, and demand, face a low-demand outlook for refined products amidst expectations...

Mint Finance

Shift Now to Defensives; Snap-Back Rally Testing Resistance $ACWI $SPX; Neutral Outlook Intact

Shift Now to Defensives (Health Care, Telecommunications, Utilities, and Consumer Staples); Snap-Back Rally Testing Resistance $ACWI $SPX; Neutral...

Vermilion Research

The Energy Cable #37 – The good old fossil fuels are back in business

Welcome back to the Energy Cable, where we always try to be concise and concrete about what’s going on in the energy space. The...

Steno Research

Crack spreads, influenced by seasonality, supply, inventory levels, and demand, face a low-demand outlook for refined products amidst expectations...