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 Cable: Bullish Oil, Bearish Nat Gas, and Especially Metals! Here’s Why!

Energy Cable: Increases in freight rates not transferring into goods inflation (for now)

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macroeconomics

<ul><li>Take aways: Alignment in OPEC is crumbling but the short-term risk-reward is</li><li>STRONG Riyadh Accord coming to the rescue? Natural Gas markets remain tight and the bullish price action CONTINUE.</li><li>Another week of increasing freight rates OPEC’s cohesion is becoming increasingly fragile due to the necessity for deep supply cuts to sustain oil prices.</li></ul>

Take aways: Alignment in OPEC is crumbling but the short-term risk-reward isSTRONG Riyadh Accord coming to the rescue? Natural Gas markets remain tight and the bullish price action CONTINUE.Another week of increasing freight rates OPEC’s cohesion is becoming increasingly fragile due to the necessity for deep supply cuts to sustain oil prices.

Energy Cable: The oil market is OVERLY pessimistic by now..