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

The Energy Cable #40 – Time to follow crack spreads!

Positioning Watch – Oil Longs Are Not as Big as You Think

The Energy Cable #39: A Maturing Bull Market

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>It is no secret that we turned energy bullish early in the summer with pretty accurate timing and made a nice run based on being ahead of the crowd on the call.</li><li>We have kept various energy proxies alive in our portfolio and were stopped out of our Refiners spread earlier today due to a material sell-off on the back of the weekly EIA report.</li><li>The EIA report is usually not a &gt;1-2 sigma market mover, but oh boy it moved markets today and we find very good reasons why when assessing the data.</li></ul>

It is no secret that we turned energy bullish early in the summer with pretty accurate timing and made a nice run based on being ahead of the crowd on the call.We have kept various energy proxies alive in our portfolio and were stopped out of our Refiners spread earlier today due to a material sell-off on the back of the weekly EIA report.The EIA report is usually not a &gt;1-2 sigma market mover, but oh boy it moved markets today and we find very good reasons why when assessing the data.

Oil Watch: OUCH!