Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

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.

Macroeconomics

<ul>
<li>Happy Monday! This week is relatively quiet on the economic data front, with the main releases being the FOMC meeting minutes from the last meeting, Core PCE, and European inflation data to round off the week.</li>
<li>The most interesting development this week is how markets are reacting to the appointment of the new Treasury Secretary, Scott Bessent.</li>
<li>Yields are down, gold is down, and equities are surging higher.</li>
</ul>


Happy Monday! This week is relatively quiet on the economic data front, with the main releases being the FOMC meeting minutes from the last meeting, Core PCE, and European inflation data to round off the week.
The most interesting development this week is how markets are reacting to the appointment of the new Treasury Secretary, Scott Bessent.
Yields are down, gold is down, and equities are surging higher.


The Week at a Glance – Bessent’s Agenda, Fed Minutes, Core PCE, and EU HICP in Focus

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>The US oil and gas rig count fell by 1 to 583 for the week ending on 22/Nov, reporting a second consecutive weekly fall.</li>
<li>For the week ending 15/Nov, US oil production fell to 13.2m bpd from 13.4m bpd. Output was at a record high of 13.5m bpd between 11/Oct through 01/Nov.</li>
<li>US energy producers added two rigs in Texas and one each in Wyoming and Oklahoma. They cut three rigs in Louisiana and one each in California and Colorado.</li>
</ul>


The US oil and gas rig count fell by 1 to 583 for the week ending on 22/Nov, reporting a second consecutive weekly fall.
For the week ending 15/Nov, US oil production fell to 13.2m bpd from 13.4m bpd. Output was at a record high of 13.5m bpd between 11/Oct through 01/Nov.
US energy producers added two rigs in Texas and one each in Wyoming and Oklahoma. They cut three rigs in Louisiana and one each in California and Colorado.


US Rig Count Falls for the Second Consecutive Week

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

<ul>
<li>Trump's energy policy focused on increasing domestic production and exerting pressure on oil exports to bring down prices</li>
<li>Forecast for 2025 and 2026 predicts global commodities market growth and potential oil price fluctuations</li>
<li>OPEC members plan to increase capacity in 2025, leading to a large surplus in the oil market and potentially lower prices in 2026</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Trump's energy policy focused on increasing domestic production and exerting pressure on oil exports to bring down prices
Forecast for 2025 and 2026 predicts global commodities market growth and potential oil price fluctuations
OPEC members plan to increase capacity in 2025, leading to a large surplus in the oil market and potentially lower prices in 2026

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: Oil Outlook 2025/2026: Promises made, promises kept

<ul>
<li>For the week ending 15/Nov, US crude inventories rose by 0.5m barrels, exceeding expectations of a 0.4m barrel increase. Gasoline stocks exceeded estimates, while distillates declined less than expected.</li>
<li>US natural gas inventories fell by 3 Bcf for the week ending 15/Nov, contrasting analyst expectations of a 2 Bcf buildup. Inventories are 6.4% above the 5-year seasonal average.</li>
<li>TD Cowen raised its PT on Exxon, while Morgan Stanely lowered its PT on Halliburton. Aramco and Sinopec began the construction of a refining and petrochemical complex in China.</li>
</ul>


For the week ending 15/Nov, US crude inventories rose by 0.5m barrels, exceeding expectations of a 0.4m barrel increase. Gasoline stocks exceeded estimates, while distillates declined less than expected.
US natural gas inventories fell by 3 Bcf for the week ending 15/Nov, contrasting analyst expectations of a 2 Bcf buildup. Inventories are 6.4% above the 5-year seasonal average.
TD Cowen raised its PT on Exxon, while Morgan Stanely lowered its PT on Halliburton. Aramco and Sinopec began the construction of a refining and petrochemical complex in China.


[ETP 2024/47] WTI Rises on Ukraine-Russia Tensions; Henry Hub Jumps on Cold Weather Forecasts

<ul><li>Hello everyone, and welcome back to our weekly positioning watch.</li><li>Main Takeaways: The energy bet is starting to look compelling. Oil positioning is fairly bearish, and it seems hedge funds are starting to play the oil trade from the short side after months of avoiding energy altogether.</li><li>The risk asset trade is still on, but positioning is stretched. The Santa rally suggests higher equity prices, but year-end position squaring could disrupt the long equities play.</li></ul>

Hello everyone, and welcome back to our weekly positioning watch.Main Takeaways: The energy bet is starting to look compelling. Oil positioning is fairly bearish, and it seems hedge funds are starting to play the oil trade from the short side after months of avoiding energy altogether.The risk asset trade is still on, but positioning is stretched. The Santa rally suggests higher equity prices, but year-end position squaring could disrupt the long equities play.

Positioning Watch – The Herd Behavior Strikes Back!

United States

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

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Crude Oil (CL1 COM COMDTY)

The Week at a Glance – Bessent’s Agenda, Fed Minutes, Core PCE, and EU HICP in Focus

Happy Monday! This week is relatively quiet on the economic data front, with the main releases being the FOMC meeting minutes from the last...

Steno Research

US Rig Count Falls for the Second Consecutive Week

US oil and gas rig count drops for second week in a row, with Texas seeing an increase in rigs while Louisiana and other states see cuts. Oil...

Mint Finance

Global Commodities: Oil Outlook 2025/2026: Promises made, promises kept

The energy market outlook for 2025/2026 predicts stable oil prices, increased OPEC production, and a potential market reset due to volatility, with...

At Any Rate

[ETP 2024/47] WTI Rises on Ukraine-Russia Tensions; Henry Hub Jumps on Cold Weather Forecasts

US crude and gasoline inventories increased more than expected. Exxon's PT increased while Halliburton's was lowered. Aramco and Sinopec started...

Mint Finance

Positioning Watch – The Herd Behavior Strikes Back!

Hello everyone, and welcome back to our weekly positioning watch. Main Takeaways:The energy bet is starting to look compelling. Oil positioning is...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Week at a Glance – Bessent’s Agenda, Fed Minutes, Core PCE, and EU HICP in Focus

Happy Monday! This week is relatively quiet on the economic data front, with the main releases being the FOMC meeting minutes from the last...

Steno Research

US Rig Count Falls for the Second Consecutive Week

​US oil and gas rig count drops for second week in a row, with Texas seeing an increase in rigs while Louisiana and other states see cuts. Oil...

Mint Finance

Global Commodities: Oil Outlook 2025/2026: Promises made, promises kept

The energy market outlook for 2025/2026 predicts stable oil prices, increased OPEC production, and a potential market reset due to volatility, with...

At Any Rate

[ETP 2024/47] WTI Rises on Ukraine-Russia Tensions; Henry Hub Jumps on Cold Weather Forecasts

​US crude and gasoline inventories increased more than expected. Exxon's PT increased while Halliburton's was lowered. Aramco and Sinopec started...

Mint Finance

Positioning Watch – The Herd Behavior Strikes Back!

Hello everyone, and welcome back to our weekly positioning watch. Main Takeaways:The energy bet is starting to look compelling. Oil positioning is...

Steno Research

US oil and gas rig count drops for second week in a row, with Texas seeing an increase in rigs while Louisiana and other states see cuts. Oil...

US crude and gasoline inventories increased more than expected. Exxon's PT increased while Halliburton's was lowered. Aramco and Sinopec started...