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 natural gas trade has started to move in recent weeks as the supply side looks constrained again.</li><li>While the current situation doesn’t exactly mirror 2021, there are some similarities when we look more closely.</li><li>Firstly, given the new supply outlook post-energy crisis, we believe there are no fundamental reasons for TTF natural gas to trade in its pre-crisis range.</li></ul>

The natural gas trade has started to move in recent weeks as the supply side looks constrained again.While the current situation doesn’t exactly mirror 2021, there are some similarities when we look more closely.Firstly, given the new supply outlook post-energy crisis, we believe there are no fundamental reasons for TTF natural gas to trade in its pre-crisis range.

Energy Cable: A new supply side crisis brewing in Nat Gas space?

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.

Commodities

<ul><li>Expectations of an "above-normal" monsoon in 2024 currently help to keep prices for commodities that are in large parts grown in India under control.</li><li>That includes rice as well as sugar prices.</li><li>According to the IRI’s latest ENSO forecast, La Niña becomes the most probable category in Aug-Oct, 2024 through Jan-Mar, 2025.</li></ul>

Expectations of an "above-normal" monsoon in 2024 currently help to keep prices for commodities that are in large parts grown in India under control.That includes rice as well as sugar prices.According to the IRI’s latest ENSO forecast, La Niña becomes the most probable category in Aug-Oct, 2024 through Jan-Mar, 2025.

This Is How Fund Managers Can Close Their Research Gap in Agricultural Commodities

<ul><li>It’s been a break-through week for Crypto bros in many ways.</li><li>First, the SEC made a massive u-turn and approved the spot ETH ETF and then Donald Trump fully endorsed the crypto space in his speech at the Libertarian Party forum over the weekend.</li><li>Crypto has broken through to K-street and on top of the obvious positive side-effects, a BTC or an ETH is now becoming a politicized asset.</li></ul>

It’s been a break-through week for Crypto bros in many ways.First, the SEC made a massive u-turn and approved the spot ETH ETF and then Donald Trump fully endorsed the crypto space in his speech at the Libertarian Party forum over the weekend.Crypto has broken through to K-street and on top of the obvious positive side-effects, a BTC or an ETH is now becoming a politicized asset.

Steno Signals #101 – Introducing the Washington DC Crypto Put!

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>Market fears production return will impact prices, with Wood McKenzie predicting increase in June production</li><li>Northeast, Permian, and Haynesville expected to see production rebound in the coming months</li><li>Price rally in US market driven by short summer positions, but weather will play a key role in price movements, with heat expected in the coming days potentially mitigating any retracement</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Market fears production return will impact prices, with Wood McKenzie predicting increase in June productionNortheast, Permian, and Haynesville expected to see production rebound in the coming monthsPrice rally in US market driven by short summer positions, but weather will play a key role in price movements, with heat expected in the coming days potentially mitigating any retracementThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: Gas be nimble, gas be quick…but there will be repercussions

<ul><li>Welcome to our weekly Portfolio Watch.</li><li>We have had a decent week as our short bet on Utilities has started to deliver, while a continued long bet in technology (and ETH) has been the game in town in the risk asset space.</li><li>The liquidity trajectory is slightly murky over the next 2-3 weeks before a major reversal from mid-June and onwards as the net issuance pace of T-bills will be ramped up again into July tapping liquidity from the ON RRP along the way.</li></ul>

Welcome to our weekly Portfolio Watch.We have had a decent week as our short bet on Utilities has started to deliver, while a continued long bet in technology (and ETH) has been the game in town in the risk asset space.The liquidity trajectory is slightly murky over the next 2-3 weeks before a major reversal from mid-June and onwards as the net issuance pace of T-bills will be ramped up again into July tapping liquidity from the ON RRP along the way.

Portfolio Watch: Trading the next of the rolling melt-ups

United States

Natural gas is a naturally occurring hydrocarbon gas mixture consisting primarily of methane, but commonly including varying amounts of other higher alkanes, and sometimes a small percentage of carbon dioxide, nitrogen, hydrogen sulfide, or helium. It is formed when layers of decomposing plant and animal matter are exposed to intense heat and pressure supplied by existing under the surface of the Earth over millions of years. The energy that the plants originally obtained from the sun is stored in the form of chemical bonds in the gas.

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Natural Gas (NATURAL GAS COMDTY)

Energy Cable: A new supply side crisis brewing in Nat Gas space?

The natural gas trade has started to move in recent weeks as the supply side looks constrained again. While the current situation doesn’t exactly...

Steno Research

This Is How Fund Managers Can Close Their Research Gap in Agricultural Commodities

Expectations of an "above-normal" monsoon in 2024 currently help to keep prices for commodities that are in large parts grown in India under control.

The Commodity Report

Steno Signals #101 – Introducing the Washington DC Crypto Put!

It’s been a break-through week for Crypto bros in many ways. First, the SEC made a massive u-turn and approved the spot ETH ETF and then Donald...

Steno Research

Global Commodities: Gas be nimble, gas be quick…but there will be repercussions

Market fears production will return strongly as current production is close to 98 bcf a day in May, expected to increase to 102.3 bcf a day in June...

At Any Rate

Portfolio Watch: Trading the next of the rolling melt-ups

Welcome to our weekly Portfolio Watch. We have had a decent week as our short bet on Utilities has started to deliver, while a continued long bet...

Steno Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)