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.

Macro and Geopolitical Research House

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>Welcome to our weekly EIA watch, where we look at the implied energy demand numbers in the US economy and pair them with trends on the supply side.</li><li>Price action remains abysmal in US energy markets (if you are bullish that is), and we are admittedly caught wrong-footed here after otherwise strong price action ahead of the OPEC meeting last week.</li><li>Conclusions up front:– Weekly numbers on Oil demand reached an ALL TIME HIGH in week 48– Nat Gas flows trends were largely reversed towards the end of the month and now look normal– Congestion is still rising compared to usual seasonal patterns meaning that the transportation fuel demand is strong– Unless the EIA numbers are 100% out of whack with the reality, the US demand side is NOT behind the weakness in energy space. Let’s have a look at the details.</li></ul>

Welcome to our weekly EIA watch, where we look at the implied energy demand numbers in the US economy and pair them with trends on the supply side.Price action remains abysmal in US energy markets (if you are bullish that is), and we are admittedly caught wrong-footed here after otherwise strong price action ahead of the OPEC meeting last week.Conclusions up front:– Weekly numbers on Oil demand reached an ALL TIME HIGH in week 48– Nat Gas flows trends were largely reversed towards the end of the month and now look normal– Congestion is still rising compared to usual seasonal patterns meaning that the transportation fuel demand is strong– Unless the EIA numbers are 100% out of whack with the reality, the US demand side is NOT behind the weakness in energy space. Let’s have a look at the details.

EIA Watch: ALL TIME HIGH Oil demand, but so what?