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

EIA and OPEC Watch: Depending on Nigeria and Iran

Energy Watch: The perfect bull-signal delivered by Olaf Scholz?

EIA Watch: Strong Energy Demand Month in October, Except in Nat Gas

EIA Watch: Oil demand up, Fuel demand down..

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul><li>Conclusions up front: – We agree with OPEC that the demand side seems to be doing decent; paper markets are net short oil again.</li><li>Our model is approaching the buy zone despite the recent weakness seen in Oil.</li><li>The big risk to our model is a supply increase from an exhausted Saudi Arabian one-man-army.</li></ul>

Conclusions up front: – We agree with OPEC that the demand side seems to be doing decent; paper markets are net short oil again.Our model is approaching the buy zone despite the recent weakness seen in Oil.The big risk to our model is a supply increase from an exhausted Saudi Arabian one-man-army.

Energy Watch: Time to Buy Oil Again?