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 #44 – Energy as a Diversifier + JPY Focus

Energy Cable #47: Price Always Leads Narrative

Energy Cable #45 – The World Needs a Riyadh Accord

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul><li>Our apologies for the slightly delayed Energy Cable.</li><li>IWhat a week for OPEC! Sources in OPEC+ leaked that Russia and Saudi Arabia were in agreement to delay the meeting due to issues around some other producers (which made us laugh hard given Russia’s own export numbers compared to their quotas).</li><li>We have had a look at OPEC production and export numbers and it seems like production is much more price-bullish than actual net exports (meaning a draw on local OPEC inventories).</li></ul>

Our apologies for the slightly delayed Energy Cable.IWhat a week for OPEC! Sources in OPEC+ leaked that Russia and Saudi Arabia were in agreement to delay the meeting due to issues around some other producers (which made us laugh hard given Russia’s own export numbers compared to their quotas).We have had a look at OPEC production and export numbers and it seems like production is much more price-bullish than actual net exports (meaning a draw on local OPEC inventories).

Energy Cable: The Review that Became a Preview!