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.

Commodities

<ul><li>Global oil prices are on the rise, with Brent oil projected to average $84 in the third quarter and potentially reaching $90 by August or September</li><li>Demand for oil products is strong, especially in the US market, with record summer travel expected to drive up consumption</li><li>Chinese demand for oil is also increasing, with the country adding to its strategic reserves and seeing a surge in crude imports</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Global oil prices are on the rise, with Brent oil projected to average $84 in the third quarter and potentially reaching $90 by August or SeptemberDemand for oil products is strong, especially in the US market, with record summer travel expected to drive up consumptionChinese demand for oil is also increasing, with the country adding to its strategic reserves and seeing a surge in crude importsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: If You Need Oil This Summer, Who You Gonna Call?

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>An unexpected increase in US crude oil and gasoline inventories pushed oil prices down but the ongoing conflicts capped the downside.</li>
<li>Growing natural gas output dampens Henry Hub’s uptrend. Europe will ban transshipments of Russian LNG in its ports from March 2025.</li>
<li>Chevron's Wheatstone LNG facility in Australia resumed full production. Wells Fargo lowered its target price on Shell but raised it on Occidental.</li>
</ul>


An unexpected increase in US crude oil and gasoline inventories pushed oil prices down but the ongoing conflicts capped the downside.
Growing natural gas output dampens Henry Hub’s uptrend. Europe will ban transshipments of Russian LNG in its ports from March 2025.
Chevron's Wheatstone LNG facility in Australia resumed full production. Wells Fargo lowered its target price on Shell but raised it on Occidental.


[ETP 26/2024] Oil Prices Drop on Surprise Inventory Build; Oil Majors Slide but Retain Gains

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.

Macroeconomics

<ul><li>We start with crude oil, where positions in crude oil futures have returned to Covid-19 pandemic levels, which we believe is overly bearish.</li><li>The economy is normalizing with rising travel and growing consumer energy demand.</li><li>Despite this, the futures market’s bearish sentiment seems misaligned with these positive economic indicators.</li></ul>

We start with crude oil, where positions in crude oil futures have returned to Covid-19 pandemic levels, which we believe is overly bearish.The economy is normalizing with rising travel and growing consumer energy demand.Despite this, the futures market’s bearish sentiment seems misaligned with these positive economic indicators.

Energy Cable: Bullish Oil, Bearish Nat Gas, and Especially Metals! Here’s Why!

<ul>
<li>US oil rig count falls to 485 as of the week ending on 21/June, its lowest since January 2022.</li>
<li>US oil and gas rig count is falling as producers prioritize shareholder returns over increasing output.</li>
<li>Rising labour and equipment costs along with macroeconomic uncertainties further discourage producers from adding rigs.  </li>
</ul>


US oil rig count falls to 485 as of the week ending on 21/June, its lowest since January 2022.
US oil and gas rig count is falling as producers prioritize shareholder returns over increasing output.
Rising labour and equipment costs along with macroeconomic uncertainties further discourage producers from adding rigs.  


US Crude Oil Output at Risk as Rig Count Plummets

Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

<ul><li>Fund managers recently reduced their broad commodity position as well as energy position, compared to last month, according to the latest BofA survey.</li><li>Compared to the long-term z-score, fund managers are now heavily under-positioned in energy but close to neutral positioned in broad commodities.</li><li>In a recent note, Goldman Sachs explained their views about commodities if inflation would re-accelerate again - or in detail beat the market estimates and lead to an inflation upside surprise.</li></ul>

Fund managers recently reduced their broad commodity position as well as energy position, compared to last month, according to the latest BofA survey.Compared to the long-term z-score, fund managers are now heavily under-positioned in energy but close to neutral positioned in broad commodities.In a recent note, Goldman Sachs explained their views about commodities if inflation would re-accelerate again - or in detail beat the market estimates and lead to an inflation upside surprise.

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)

Global Commodities: If You Need Oil This Summer, Who You Gonna Call?

High oil prices, tight market conditions, and strong global demand expected to drive prices up to $90 by August or September, with China increasing...

At Any Rate

[ETP 26/2024] Oil Prices Drop on Surprise Inventory Build; Oil Majors Slide but Retain Gains

Inventory build-up in the US points to signs of weaker-than-expected summer demand, Nat-gas prices hit by rising output. Uptrend in oil & gas...

Mint Finance

Energy Cable: Bullish Oil, Bearish Nat Gas, and Especially Metals! Here’s Why!

We start with crude oil, where positions in crude oil futures have returned to Covid-19 pandemic levels, which we believe is overly bearish. The...

Steno Research

US Crude Oil Output at Risk as Rig Count Plummets

US oil rig count continues to plummet, touching its lowest level in 2024. The current oil rig count is the lowest since January 2022, while the...

Mint Finance

Fund Managers Reduce Commodities Again

Fund managers recently reduced their broad commodity position as well as energy position, compared to last month, according to the latest BofA survey.

The Commodity Report

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