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>The Chinese equity trends have really been eye-catching over the past weeks and despite US efforts to flare-up the trade war via new tariffs, the trend has just continued.</li><li>The new Chinese efforts to prop up the sentiment in the Real Estate space have so far been successful and it seems like an attempt that is a LOT more serious and sizy than what we have seen so far.</li><li>We are no longer talking about trial balloons or minor twists.</li></ul>

The Chinese equity trends have really been eye-catching over the past weeks and despite US efforts to flare-up the trade war via new tariffs, the trend has just continued.The new Chinese efforts to prop up the sentiment in the Real Estate space have so far been successful and it seems like an attempt that is a LOT more serious and sizy than what we have seen so far.We are no longer talking about trial balloons or minor twists.

Portfolio Watch: Are you paying attention to China?

Energy Transition | AI | Shifting World Order, Mint Finance

Suhas Reddy

Energy Transition | AI | Shifting World Order

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>EIA forecasts oil prices to gain during the first half of 2024 due to the Red Sea conflict and inventory withdrawals.</li>
<li>Downward pressure from lukewarm oil demand and oversupply to keep prices low in 2025.</li>
<li>US commercial crude oil inventories grew by 1.3% on a weekly basis but are 4% below the five year average for this time of year.</li>
</ul>


EIA forecasts oil prices to gain during the first half of 2024 due to the Red Sea conflict and inventory withdrawals.
Downward pressure from lukewarm oil demand and oversupply to keep prices low in 2025.
US commercial crude oil inventories grew by 1.3% on a weekly basis but are 4% below the five year average for this time of year.


EIA Forecasts Crude Oil Prices to Fall in 2025 Due to Weak Demand Growth

Srinidhi Raghavendra

<ul>
<li>Oil majors to extend voluntary production cuts with an eye to pushing crude oil prices to $100/barrel.</li>
<li>Demand for oil at record highs, fueled by strong travel, increased oil usage in power production &amp; solid Chinese petrochemicals activity.</li>
<li>Refiners are reaping near-record profits as their throughputs are set to reach a summer peak of 83.9m bpd in August.</li>
</ul>


Oil majors to extend voluntary production cuts with an eye to pushing crude oil prices to $100/barrel.
Demand for oil at record highs, fueled by strong travel, increased oil usage in power production &amp; solid Chinese petrochemicals activity.
Refiners are reaping near-record profits as their throughputs are set to reach a summer peak of 83.9m bpd in August.


Supply Tightness, Robust Demand Could Push Crude Oil Prices Into Triple Digit Territory

<ul>
<li>Despite supply cuts by OPEC members the EIA expects supply to outpace demand for most of 2024 and 2025.</li>
<li>The agency forecasts the average spot price of WTI and Brent to decline in 2024 and 2025.</li>
<li>Concerns of tepid global demand and inventory build-up grow as short positions in the crude oil options market jump.</li>
</ul>


Despite supply cuts by OPEC members the EIA expects supply to outpace demand for most of 2024 and 2025.
The agency forecasts the average spot price of WTI and Brent to decline in 2024 and 2025.
Concerns of tepid global demand and inventory build-up grow as short positions in the crude oil options market jump.


Crude Oil Prices to Fall Forecasts EIA on Weak Demand Growth & Strong Inventory Buildup

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

<ul><li>The clouds of recession and economic slowdown loom over the horizon, casting a bearish shadow on commodity markets.</li><li>Yet, despite many reasons for pessimism, commodity prices have begun to show signs of resilience last week.</li><li>Even though a sustained long-term rally remains uncertain, the current environment seems ripe for a short-term bounce or mean reversion.</li></ul>

The clouds of recession and economic slowdown loom over the horizon, casting a bearish shadow on commodity markets.Yet, despite many reasons for pessimism, commodity prices have begun to show signs of resilience last week.Even though a sustained long-term rally remains uncertain, the current environment seems ripe for a short-term bounce or mean reversion.

Part Six: Commodities: Priced for a Downturn

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)

Portfolio Watch: Are you paying attention to China?

The Chinese equity trends have really been eye-catching over the past weeks and despite US efforts to flare-up the trade war via new tariffs, the...

Steno Research

EIA Forecasts Crude Oil Prices to Fall in 2025 Due to Weak Demand Growth

EIA sees oil prices rising in the short-term but keeps its bearish outlook for the long-term remains intact due to tepid growth in oil demand. US...

Mint Finance

Supply Tightness, Robust Demand Could Push Crude Oil Prices Into Triple Digit Territory

Oil prices surged nearly 3% to a fresh 10-month high yesterday, approaching $100/barrel, as Energy Information Administration (EIA) reported lower...

Mint Finance

Crude Oil Prices to Fall Forecasts EIA on Weak Demand Growth & Strong Inventory Buildup

EIA expects crude oil oversupply to continue despite OPEC cuts, Forecasts oil prices to decline in 2024 and 2025 due to slowing demand growth and...

Mint Finance

Part Six: Commodities: Priced for a Downturn

Even though a sustained long-term rally remains uncertain, the current environment seems ripe for a short-term bounce or mean reversion.

Untying The Gordian Knot

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Portfolio Watch: Are you paying attention to China?

The Chinese equity trends have really been eye-catching over the past weeks and despite US efforts to flare-up the trade war via new tariffs, the...

Steno Research

EIA Forecasts Crude Oil Prices to Fall in 2025 Due to Weak Demand Growth

​EIA sees oil prices rising in the short-term but keeps its bearish outlook for the long-term remains intact due to tepid growth in oil demand. US...

Mint Finance

Supply Tightness, Robust Demand Could Push Crude Oil Prices Into Triple Digit Territory

Oil prices surged nearly 3% to a fresh 10-month high yesterday, approaching $100/barrel, as Energy Information Administration (EIA) reported lower...

Mint Finance

Crude Oil Prices to Fall Forecasts EIA on Weak Demand Growth & Strong Inventory Buildup

EIA expects crude oil oversupply to continue despite OPEC cuts, Forecasts oil prices to decline in 2024 and 2025 due to slowing demand growth and...

Mint Finance

Part Six: Commodities: Priced for a Downturn

Even though a sustained long-term rally remains uncertain, the current environment seems ripe for a short-term bounce or mean reversion.

Untying The Gordian Knot

EIA sees oil prices rising in the short-term but keeps its bearish outlook for the long-term remains intact due to tepid growth in oil demand. US...