Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

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.

Commodities

<ul>
<li>Take aways: China will flood markets with copper supply</li>
<li>Copper har decoupled from macro fundamentals according to our PCA tool</li>
<li>It’s a tuck or war between positioning and fundamentals in metals. Crude tumbling despite all time highs in global flight data and crowded congestion
</li>
</ul>


Take aways: China will flood markets with copper supply
Copper har decoupled from macro fundamentals according to our PCA tool
It’s a tuck or war between positioning and fundamentals in metals. Crude tumbling despite all time highs in global flight data and crowded congestion



Energy Cable: More pain to come in copper, while Nat Gas is a long trade?

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.

<ul>
<li>US oil and gas rig count increased by two to 586 for the week ending 19/Jul, rising for the second time in the last three weeks.  </li>
<li>US oil rig count fell by 1 to 477, declining for the second straight week. Gas rigs rose by 3 to 103, after falling by one the week prior.</li>
<li>The EIA has increased its US crude production forecasts in its latest STEO report, raising them by 0.8% YoY for 2024 and 0.4% YoY for 2025. </li>
</ul>


US oil and gas rig count increased by two to 586 for the week ending 19/Jul, rising for the second time in the last three weeks.  
US oil rig count fell by 1 to 477, declining for the second straight week. Gas rigs rose by 3 to 103, after falling by one the week prior.
The EIA has increased its US crude production forecasts in its latest STEO report, raising them by 0.8% YoY for 2024 and 0.4% YoY for 2025. 


Pickup in Gas Rigs Drive U.S. Oil & Gas Rig Count Higher

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>Shift to the right in favor of Trump accelerated after assassination attempt</li><li>Republican momentum challenging expectations for a divided Congress</li><li>Gold and oil likely to benefit under GOP control, with potential increase in demand and production respectively</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Shift to the right in favor of Trump accelerated after assassination attemptRepublican momentum challenging expectations for a divided CongressGold and oil likely to benefit under GOP control, with potential increase in demand and production respectivelyThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: 2024 US Election Watch—Reassessing Implications for Commodities Under a Red Wave

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>DOW +0.59%, Russell -1.06%, SPX -1.39%, Nasdaq -2.77%, SOX -6.81% as investors shifted from growth to value stocks. UST10 was flat at 4.16%, and the yen strengthened to Y156.18.</li>
<li>Commodities were mixed with copper -0.3%, nickel -0.83%, and Brent +1.72%. Energy and consumer staples rose, with VSF +13.6% after Essilor Luxottica agreed to buy Supreme. US homebuilders lost ground. </li>
<li>Tech stocks fell sharply after ASML's earnings missed estimates and news of potential US export restrictions to China. Focus on SPE names with high China exposure as shorts.</li>
</ul>


DOW +0.59%, Russell -1.06%, SPX -1.39%, Nasdaq -2.77%, SOX -6.81% as investors shifted from growth to value stocks. UST10 was flat at 4.16%, and the yen strengthened to Y156.18.
Commodities were mixed with copper -0.3%, nickel -0.83%, and Brent +1.72%. Energy and consumer staples rose, with VSF +13.6% after Essilor Luxottica agreed to buy Supreme. US homebuilders lost ground. 
Tech stocks fell sharply after ASML's earnings missed estimates and news of potential US export restrictions to China. Focus on SPE names with high China exposure as shorts.


Japan Morning Connection – 18 July, 2024

<ul>
<li>US crude oil inventories fell by 4.9 million barrels in the week ending 12/Jul, marking the third consecutive weekly decline.</li>
<li>As of 12/Jul, US natural gas inventories were up 8.4% YoY and 16.9% above the 5-year seasonal average.</li>
<li>UBS expects Chevron's Q2 earnings to fall short of expectations due to LNG project downtime and lower international refining margins.</li>
</ul>


US crude oil inventories fell by 4.9 million barrels in the week ending 12/Jul, marking the third consecutive weekly decline.
As of 12/Jul, US natural gas inventories were up 8.4% YoY and 16.9% above the 5-year seasonal average.
UBS expects Chevron's Q2 earnings to fall short of expectations due to LNG project downtime and lower international refining margins.


[ETP 29/2024] Oil Rebounds on Inventory Drop; Energy Majors' Targets Cut

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)

Energy Cable: More pain to come in copper, while Nat Gas is a long trade?

Take aways: China will flood markets with copper supplyCopper har decoupled from macro fundamentals according to our PCA toolIt’s a tuck or war...

Steno Research

Pickup in Gas Rigs Drive U.S. Oil & Gas Rig Count Higher

US oil and gas rig count rises for the second time in three weeks. Gas rigs increase by 3 while oil rigs drop by 1. Permian rig count remains flat...

Mint Finance

Global Commodities: 2024 US Election Watch—Reassessing Implications for Commodities Under a Red Wave

Republican momentum has increased in support of Trump after an assassination attempt, with potential impacts on the commodities sector,...

At Any Rate

Japan Morning Connection – 18 July, 2024

Investors shift from growth to value stocks, tech stocks fall on ASML earnings miss and US export restrictions to China, VSF surges after Essilor...

Andrew Jackson

[ETP 29/2024] Oil Rebounds on Inventory Drop; Energy Majors' Targets Cut

US crude inventories fell for the third straight week, while gasoline and distillate stocks exceeded expectations. US & European gas storage above...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Energy Cable: More pain to come in copper, while Nat Gas is a long trade?

Take aways: China will flood markets with copper supplyCopper har decoupled from macro fundamentals according to our PCA toolIt’s a tuck or war...

Steno Research

Pickup in Gas Rigs Drive U.S. Oil & Gas Rig Count Higher

US oil and gas rig count rises for the second time in three weeks. Gas rigs increase by 3 while oil rigs drop by 1. Permian rig count remains flat...

Mint Finance

Global Commodities: 2024 US Election Watch—Reassessing Implications for Commodities Under a Red Wave

Republican momentum has increased in support of Trump after an assassination attempt, with potential impacts on the commodities sector,...

At Any Rate

Japan Morning Connection – 18 July, 2024

​Investors shift from growth to value stocks, tech stocks fall on ASML earnings miss and US export restrictions to China, VSF surges after Essilor...

Andrew Jackson

[ETP 29/2024] Oil Rebounds on Inventory Drop; Energy Majors' Targets Cut

US crude inventories fell for the third straight week, while gasoline and distillate stocks exceeded expectations. US & European gas storage above...

Mint Finance

Investors shift from growth to value stocks, tech stocks fall on ASML earnings miss and US export restrictions to China, VSF surges after Essilor...