Economist

Richard Iley

Thematic (Sector/Industry)

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Even as <a href="https://www.haaretz.com/middle-east-news/.premium-1.822394" target="_blank">Mohammed Bin Salman's revolution in Saudi Arabia continues to gather pace</a>, the US's shale oil revolution, which is the proximate cause of Saudi's dire need to restructure, is itself maintaining an extraordinary tempo. 
Perhaps the most remarkable feature of the US's shale revolution has been its ability to consistently trump even the most optimistic expectations. It is only a few years ago that the conventional wisdom held that high decay rates could see the shale boom fizzling out by the…
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Even as Mohammed Bin Salman's revolution in Saudi Arabia continues to gather pace, the US's shale oil revolution, which is the proximate cause of Saudi's dire need to restructure, is itself maintaining an extraordinary tempo. 
Perhaps the most remarkable feature of the US's shale revolution has been its ability to consistently trump even the most optimistic expectations. It is only a few years ago that the conventional wisdom held that high decay rates could see the shale boom fizzling out by the…


Amareos

Federico Bagiotti, CFA

Equity Bottom-Up

Two weeks ago, Halliburton announced its Q3 results, beating estimates both at revenue and earnings level. Commenting on the results, Jeff Miller, Halliburton’s President and CEO remarked,“We had a strong quarter and I am very pleased with our results. Our North American business is hitting on all cylinders and our international business proved resilient in a challenging environment. These results demonstrate why Halliburton is the execution company.” Just two months earlier, the Company…

Two weeks ago, Halliburton announced its Q3 results, beating estimates both at revenue and earnings level. Commenting on the results, Jeff Miller, Halliburton’s President and CEO remarked,“We had a strong quarter and I am very pleased with our results. Our North American business is hitting on all cylinders and our international business proved resilient in a challenging environment. These results demonstrate why Halliburton is the execution company.” Just two months earlier, the Company…

Emerging Markets Cross-Asset Strategist, Emvest Partners

Guillaume Coutant

Emerging Markets Cross-Asset Strategist

Cross-Asset Emerging Markets Technical Research

Emvest Partners

Emvest Partners is the leading independent French financial analyst specializing in Emerging Markets for  Asset Managers, Hedge Funds and Family Offices. The studies provided by Emvest Partners are based on a top-down, cross-asset and relative-value approach of the financial markets. The articulation of macroeconomic analysis and technical analysis improves the consistency of the recommendations, the mitigation of risks of error and a significant improvement in performance.

Technical Analysis

<a href="https://www.smartkarma.com/entities/22869" target="_blank" data-smartkarma-citation="entities:22869:1">Crude Oil (CRUDE OIL COMDTY)</a> (BRENT) started a bullish trend in early 2016, with no strong signs of reversal at this stage. Long term view should advocate for further rise towards 80.00.However, overbought indicators combined with with the potential end of an intermediate bull cycle in the 65.00/68.00 area suggest that a period of range/setback should be taking place.Correlated assets are also showing negative signals. <a href="https://www.smartkarma.com/entities/22833" target="_blank" data-smartkarma-citation="entities:22833:1">RUB (USDRUB CURNCY)</a> is expected to depreciate towards the 61.00/62.00 area…

Crude Oil (CRUDE OIL COMDTY) (BRENT) started a bullish trend in early 2016, with no strong signs of reversal at this stage. Long term view should advocate for further rise towards 80.00.However, overbought indicators combined with with the potential end of an intermediate bull cycle in the 65.00/68.00 area suggest that a period of range/setback should be taking place.Correlated assets are also showing negative signals. RUB (USDRUB CURNCY) is expected to depreciate towards the 61.00/62.00 area…

Brent Crude Oil Is Showing Signs of Exhaustion

Macroeconomics

<div class="content-highlight">The IMF's latest fiscal breakeven oil price estimates for the Middle East show Bahrain is a clear outlier. Next year's breakeven price is seen as close to USD100 per barrel; worse even than Libya. With its FX reserves slipping away and barely worth 1 month of import cover, trouble is brewing. Despite a recent USD 3bn bond issue, Bahrain still faces a fiscal hole next year and is now reportedly asking for a bailout from its closest neighbourhood friends - Saudi Arabia and the UAE. If help is not…</div>

The IMF's latest fiscal breakeven oil price estimates for the Middle East show Bahrain is a clear outlier. Next year's breakeven price is seen as close to USD100 per barrel; worse even than Libya. With its FX reserves slipping away and barely worth 1 month of import cover, trouble is brewing. Despite a recent USD 3bn bond issue, Bahrain still faces a fiscal hole next year and is now reportedly asking for a bailout from its closest neighbourhood friends - Saudi Arabia and the UAE. If help is not…

Chart of the Day - The Canary In The (GCC) Coalmine?

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.

We are seeing a majority of energy-related equities stage bullish price and RS reversals, emerging from bullish bases and breaking to multi-month highs.In this report we focus on bullish opportunities in E&amp;P companies.  We will continue to monitor the service related names for signs of similar price action.Highlighted and actionable charts: TOT, RDS.A, BP, PBR, EOG, OXY, APC, MRO, MUR, IMO, ECA, CXO, CLR, COG, XEC, PDCE, SRCI and SM.

We are seeing a majority of energy-related equities stage bullish price and RS reversals, emerging from bullish bases and breaking to multi-month highs.In this report we focus on bullish opportunities in E&amp;P companies.  We will continue to monitor the service related names for signs of similar price action.Highlighted and actionable charts: TOT, RDS.A, BP, PBR, EOG, OXY, APC, MRO, MUR, IMO, ECA, CXO, CLR, COG, XEC, PDCE, SRCI and SM.

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)

Chart of the Day: Saudi America

Even as Mohammed Bin Salman's revolution in Saudi Arabia continues to gather pace, the US's shale oil revolution, which is the proximate cause of...

Richard Iley

Halliburton: Ripe For A Rebound

Two weeks ago, Halliburton announced its Q3 results, beating estimates both at revenue and earnings level. Commenting on the results, Jeff Miller,...

Amareos

Brent Crude Oil Is Showing Signs of Exhaustion

Crude Oil (CRUDE OIL COMDTY) (BRENT) started a bullish trend in early 2016, with no strong signs of reversal at this stage. Long term view should...

Guillaume Coutant

Chart of the Day - The Canary In The (GCC) Coalmine?

The IMF's latest fiscal breakeven oil price estimates for the Middle East show Bahrain is a clear outlier. Next year's breakeven price is seen as...

Richard Iley

Energy Stocks Bottoming

We are seeing a majority of energy-related equities stage bullish price and RS reversals, emerging from bullish bases and breaking to multi-month...

Vermilion Research

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