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

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macroeconomics

<ul><li>Take aways: Another green week for natural gas. Bullish demand/supply outlook for crude. Seasonality will now be working in favor of crude. Israel Hamas-Ceasefire a little less impactful for crude now.</li><li>Before we get to the OPEC supply cuts and crude, we would like to address our natural gas position from a couple of weeks ago.</li><li>Our timing has been very fortunate with the position, as the market realized that we were trading too low. As we predicted, the low prices act as a natural constraint on supply as seen most recently by EQT Corp.</li></ul>

Take aways: Another green week for natural gas. Bullish demand/supply outlook for crude. Seasonality will now be working in favor of crude. Israel Hamas-Ceasefire a little less impactful for crude now.Before we get to the OPEC supply cuts and crude, we would like to address our natural gas position from a couple of weeks ago.Our timing has been very fortunate with the position, as the market realized that we were trading too low. As we predicted, the low prices act as a natural constraint on supply as seen most recently by EQT Corp.

Energy Cable #59: More fuel for energy bulls?