Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

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.

Cross Asset Strategy

<ul><li>Takeaways: Energy freight rates still not reacting to troubles in the Red Sea</li><li>This week saw another increase in container freight rate.</li><li>Seasonality working against higher freight rates. <em><span style="font-weight: 400;">That changes by April. </span></em></li></ul>

Takeaways: Energy freight rates still not reacting to troubles in the Red SeaThis week saw another increase in container freight rate.Seasonality working against higher freight rates. That changes by April. 

Suez and EIA Watch – Demand / Supply Getting Out of Balance?

<ul><li>Takeaways: Price increases in goods likely to show up in Europe after the Summer</li><li>Watch out for energy prices once we start to fill up for next heating season</li><li>The recent turmoil in freight rates will likely exacerbate the divergence between US and the Eurozone</li></ul>

Takeaways: Price increases in goods likely to show up in Europe after the SummerWatch out for energy prices once we start to fill up for next heating seasonThe recent turmoil in freight rates will likely exacerbate the divergence between US and the Eurozone

Energy Cable: 4 Charts that Should Keep Largarde up at Night

Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

Commodities

Crude Palm Oil Active Contract / Commodities

<ul><li>Conditions in the Energy Industry Continue To Worsen The quarterly Dallas Fed Energy Survey highlighted that business uncertainty is worsening again.</li><li>It seems like the past two quarterly reports were only outliers - the trend remains worsening business conditions for gas and oil companies.</li><li>The conflict in the Red Sea started to impact shipping rates. But as we wrote over the past couple of weeks, it is not substantially higher</li></ul>

Conditions in the Energy Industry Continue To Worsen The quarterly Dallas Fed Energy Survey highlighted that business uncertainty is worsening again.It seems like the past two quarterly reports were only outliers - the trend remains worsening business conditions for gas and oil companies.The conflict in the Red Sea started to impact shipping rates. But as we wrote over the past couple of weeks, it is not substantially higher

Another Textbook Buy the Rumor Sell the Fact Trade Incoming?

Agri | Weather | Energy Transition, Mint Finance

Srinidhi Raghavendra

Agri | Weather | Energy Transition

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>Panama Canal and Suez Canal are critical corridors underpinning global trade. &gt;50% of containers from Asia into America cross either through Panama or Suez.</li>
<li>Affected by El Niño, Panama Canal's capacity has shrunk to 25/day crossings &amp; risks falling to 18/day by February next year from an average of 36/day given shrinking water levels.</li>
<li>Given Europe’s higher sensitivity to geopolitics, European Natural Gas &amp; Crude Oil prices have reacted more wildly and have jumped sharply relative to US Gas and Oil prices.</li>
</ul>


Panama Canal and Suez Canal are critical corridors underpinning global trade. &gt;50% of containers from Asia into America cross either through Panama or Suez.
Affected by El Niño, Panama Canal's capacity has shrunk to 25/day crossings &amp; risks falling to 18/day by February next year from an average of 36/day given shrinking water levels.
Given Europe’s higher sensitivity to geopolitics, European Natural Gas &amp; Crude Oil prices have reacted more wildly and have jumped sharply relative to US Gas and Oil prices.


War and Weather Choking Supply Chains and Risks Spooking Inflation

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul><li>Welcome to our Energy/EIA watch; we continue to see extraordinary strong demand for energy in the US, but weaker demand in Europe and China.</li><li>Meanwhile, the situation worsens in the Red Sea.</li><li>Oman begins an investigation into the hijacking of an oil tanker in the Gulf of Oman as Iran’s semi-state agency Tasnim confirmed that Iran was behind the hijacking.</li></ul>

Welcome to our Energy/EIA watch; we continue to see extraordinary strong demand for energy in the US, but weaker demand in Europe and China.Meanwhile, the situation worsens in the Red Sea.Oman begins an investigation into the hijacking of an oil tanker in the Gulf of Oman as Iran’s semi-state agency Tasnim confirmed that Iran was behind the hijacking.

Energy Watch: Red Sea Situation Is Worsening with Spill-Overs to Energy

United States

Natural gas is a naturally occurring hydrocarbon gas mixture consisting primarily of methane, but commonly including varying amounts of other higher alkanes, and sometimes a small percentage of carbon dioxide, nitrogen, hydrogen sulfide, or helium. It is formed when layers of decomposing plant and animal matter are exposed to intense heat and pressure supplied by existing under the surface of the Earth over millions of years. The energy that the plants originally obtained from the sun is stored in the form of chemical bonds in the gas.

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Natural Gas (NATURAL GAS COMDTY)

Suez and EIA Watch – Demand / Supply Getting Out of Balance?

Takeaway: Energy freight rates still not reacting to troubles in the Red Sea, with this week seeing another increase in container freight rate.

Steno Research

Energy Cable: 4 Charts that Should Keep Largarde up at Night

Takeaways: Price increases in goods likely to show up in Europe after the Summer. Watch out for energy prices once we start to fill up for next...

Steno Research

Another Textbook Buy the Rumor Sell the Fact Trade Incoming?

Conditions in the Energy Industry Continue To Worsen The quarterly Dallas Fed Energy Survey highlighted that business uncertainty is worsening again.

The Commodity Report

War and Weather Choking Supply Chains and Risks Spooking Inflation

Conflicts are intensifying in the Red Sea. US and UK launched about 70 airstrikes on Houthi targets in Yemen. Houthis vows to respond and asserts...

Mint Finance

Energy Watch: Red Sea Situation Is Worsening with Spill-Overs to Energy

Welcome to our Energy/EIA watch,We continue to see extraordinary strong demand for energy in the US, but weaker demand in Europe and...

Steno Research

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