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 Energy Cable #31 – Crack Spreads and Positioning Support the Bull-Case!

CPI Watch: A Decent Report but 2% Is FAR Away Still

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Commodities

<ul><li>Stars are aligning and both Steno Research and 3Fourteen research are now energy bullish.</li><li>Last week at Steno Research we looked at the potential for a bounce in Manufacturing PMI numbers and we thought it would be natural to look at both hard and soft data through the lens of one of the most important signals in the energy markets, namely the flip from contango to backwardation.</li><li><span style="font-weight: 400;">In general it can be said that the flip brings more volatility to soft data than hard data. Given PMIs general tendency to converge with hard data and its current levels (Almost GFC bearishness) we feel like there are plenty of reasons for betting on higher Manufacturing PMI numbers.  </span></li></ul>

Stars are aligning and both Steno Research and 3Fourteen research are now energy bullish.Last week at Steno Research we looked at the potential for a bounce in Manufacturing PMI numbers and we thought it would be natural to look at both hard and soft data through the lens of one of the most important signals in the energy markets, namely the flip from contango to backwardation.In general it can be said that the flip brings more volatility to soft data than hard data. Given PMIs general tendency to converge with hard data and its current levels (Almost GFC bearishness) we feel like there are plenty of reasons for betting on higher Manufacturing PMI numbers.  

The Energy Cable #30 – Progress for The Bulls

Crude Oil

The Energy Cable #30 – Progress for The Bulls