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

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

Energy Cable #48 – Natural Gas Longs to Scholz: “Thank You!”

Energy Cable #47: Price Always Leads Narrative

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macroeconomics

<ul><li>Main take aways: Long utilities in Europe. OPEC looks like losing control with the market. SPR purchases could floor Oil markets here.</li><li>Last week wasn’t the best in terms of our trades in the energy space after an otherwise strong year in our tactical bets placed within the sector.</li><li>We have been stopped out of our natural gas trade and our crude oil long is now in the red.</li></ul>

Main take aways: Long utilities in Europe. OPEC looks like losing control with the market. SPR purchases could floor Oil markets here.Last week wasn’t the best in terms of our trades in the energy space after an otherwise strong year in our tactical bets placed within the sector.We have been stopped out of our natural gas trade and our crude oil long is now in the red.

Energy Cable #49: Ouch …..