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.

Cross Asset Strategy

<ul><li>Takeaways: Copper diverging from its fundamentals - we continue to hold a bearish outlook as prices and positioning appear disconnected from macro variables</li><li>Inventories in the US are building</li><li>Shipping lanes are easing, and our Trump basket gives you the green light to continue in crude et. al. </li></ul>

Takeaways: Copper diverging from its fundamentals - we continue to hold a bearish outlook as prices and positioning appear disconnected from macro variablesInventories in the US are buildingShipping lanes are easing, and our Trump basket gives you the green light to continue in crude et. al. 

Energy Cable: Copper Prices Are Too High!

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>US oil and gas rig count fell by 1 to 584 for the week ending 12/Jul, after rising by 4 the previous week. </li>
<li>US oil rig count fell by 1 to 478, indicating 59 fewer oil rigs as compared to the same week last year. It is at its lowest since December 2021.</li>
<li>Despite a decline in the US oil rig count, US crude oil production matched the all-time high production of 13.3m bpd for the week ending 5/Jul, according to the EIA.</li>
</ul>


US oil and gas rig count fell by 1 to 584 for the week ending 12/Jul, after rising by 4 the previous week. 
US oil rig count fell by 1 to 478, indicating 59 fewer oil rigs as compared to the same week last year. It is at its lowest since December 2021.
Despite a decline in the US oil rig count, US crude oil production matched the all-time high production of 13.3m bpd for the week ending 5/Jul, according to the EIA.


U.S. Oil and Gas Rig Count Continues on Downward Trend

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

<ul>
<li>Trump secures Republican nomination. Trump v/s Biden again. Volatility will the biggest winner. Gold will thrive on rising geopolitical tensions.</li>
<li>Equities will face headwinds during Trump 2.0. European stocks and EM equities will underperform with anticipated trade restrictions and protectionism.</li>
<li>USD will weaken. Oil prices will fall. Defense sector will benefit from rising tensions and reduced US role in NATO and the world at large.</li>
</ul>


Trump secures Republican nomination. Trump v/s Biden again. Volatility will the biggest winner. Gold will thrive on rising geopolitical tensions.
Equities will face headwinds during Trump 2.0. European stocks and EM equities will underperform with anticipated trade restrictions and protectionism.
USD will weaken. Oil prices will fall. Defense sector will benefit from rising tensions and reduced US role in NATO and the world at large.


Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0

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>Expectations for tightening boscrudent liquids balances leading to stock draws</li><li>Historic anomaly of large surplus in products and deficit in crude</li><li>Uncertainty in market assessment of demand due to global economic moderation and potential recession</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Expectations for tightening boscrudent liquids balances leading to stock drawsHistoric anomaly of large surplus in products and deficit in crudeUncertainty in market assessment of demand due to global economic moderation and potential recessionThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: A Dichotomy in the Oil Balance

<ul>
<li>NOAA predicts an 85% chance of an above-normal hurricane season (Jun to Nov), with 17-25 named storms (winds of 39 mph or higher).</li>
<li>Oil prices plunge 1.6% before and then rises 2.4% in the ten days after weather shock. Crude oil IV rises 8.7% in 10-days before and 10-days after the weather shock.</li>
<li>Hurricanes impact offshore oil production &amp; refinery operations in the Gulf of Mexico (GOM), which accounts for 14% of total US crude production and 48% of US refinery capacity.</li>
</ul>


NOAA predicts an 85% chance of an above-normal hurricane season (Jun to Nov), with 17-25 named storms (winds of 39 mph or higher).
Oil prices plunge 1.6% before and then rises 2.4% in the ten days after weather shock. Crude oil IV rises 8.7% in 10-days before and 10-days after the weather shock.
Hurricanes impact offshore oil production &amp; refinery operations in the Gulf of Mexico (GOM), which accounts for 14% of total US crude production and 48% of US refinery capacity.


Rough Hurricane Season to Fuel Rollercoaster Rides in US Energy Markets

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Crude Oil (CL1 COM COMDTY)

Energy Cable: Copper Prices Are Too High!

This week, we will take a look at copper, which has rebounded in July, and also discuss freight rates, where calmer weather at the Cape of Good...

Steno Research

U.S. Oil and Gas Rig Count Continues on Downward Trend

US oil & gas rig count continued its downward trend following a brief pause last week. US crude production matched its all-time high of 13.3 mbpd....

Mint Finance

Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0

Former President Donald Trump was shot at a rally. Initial assessment suggests that shooting will boost Trump’s chances of winning the...

Mint Finance

Global Commodities: A Dichotomy in the Oil Balance

Oil prices are expected to decrease in the fourth quarter of 2025 due to tightening balances, with global oil demand growth projected at 1.4...

At Any Rate

Rough Hurricane Season to Fuel Rollercoaster Rides in US Energy Markets

NOAA predicts above-normal hurricane season. They impact oil production & refinery ops in the Gulf of Mexico, which accounts for 14% of total US...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)