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

The Drill: Commodities post Trump election

The Drill: Fade the tough Trump tariff talks

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Cross Asset Strategy

United states & Saudi arabia / Cross Asset Strategy

<ul><li>Before we get to Trump, we need to quickly discuss OPEC and their recent cut in demand forecasts.</li><li>This reduction hints at an unwillingness to increase production in the near future.</li><li>Saudi Arabia is key here, as it holds the largest excess capacity, and a production hike from them could swing the market and send prices below $50 USD in the blink of an eye.</li></ul>

Before we get to Trump, we need to quickly discuss OPEC and their recent cut in demand forecasts.This reduction hints at an unwillingness to increase production in the near future.Saudi Arabia is key here, as it holds the largest excess capacity, and a production hike from them could swing the market and send prices below $50 USD in the blink of an eye.

The Drill: A Look at Trump’s Policy and Their Impacts