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>Dutch TTF is trading at its highest YTD price as supply is getting hit on various fronts.</li><li>Firstly, as a consequence of the Houthis shenanigans in the Red Sea, Egypt has now become a net importer of LNG creating extra demand for potential European buying.</li><li>Secondly, Norway has had to do unplanned maintenance on their pips towards Europe along with delayed LNG supply from the US due to weather.</li></ul>

Dutch TTF is trading at its highest YTD price as supply is getting hit on various fronts.Firstly, as a consequence of the Houthis shenanigans in the Red Sea, Egypt has now become a net importer of LNG creating extra demand for potential European buying.Secondly, Norway has had to do unplanned maintenance on their pips towards Europe along with delayed LNG supply from the US due to weather.

The Drill – Time to play the Natural Gas case again?

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 nat-gas prices rose 13.4% for the week ending 25/Oct, after falling for three straight weeks. This uptrend was driven by favourable weather forecasts, reduced output, and rising LNG exports.</li>
<li>Henry Hub Put/Call volume ratio dropped to 1.08 (25/Oct) from 1.54 (18/Oct) the previous week as call volumes increased by 94.5% WoW, while put volumes grew by 35.9%. </li>
<li>Put OI rose for contracts expiring in November, April, and May, while call OI increased for December, January, February, and March expiries. </li>
</ul>


US nat-gas prices rose 13.4% for the week ending 25/Oct, after falling for three straight weeks. This uptrend was driven by favourable weather forecasts, reduced output, and rising LNG exports.
Henry Hub Put/Call volume ratio dropped to 1.08 (25/Oct) from 1.54 (18/Oct) the previous week as call volumes increased by 94.5% WoW, while put volumes grew by 35.9%. 
Put OI rose for contracts expiring in November, April, and May, while call OI increased for December, January, February, and March expiries. 


[US Nat Gas Options Weekly 2024/43] Henry Hub Rebounds on Better Demand Forecasts and Reduced Output

<ul>
<li>US natural gas prices dropped 14.2% for the week ending 18/Oct, marking a third consecutive weekly decline due to milder winter forecasts and the lingering effects of Hurricane Milton.</li>
<li>Henry Hub Put/Call volume ratio shot up to 1.54 (18/Oct) from 0.69 (11/Oct) the previous week as put volumes increased by 81.3% WoW, while call volumes fell by 18.4%.</li>
<li>Put OI rose for contracts expiring in November, April, and May, while call OI increased for December, January, February, and March expiries.</li>
</ul>


US natural gas prices dropped 14.2% for the week ending 18/Oct, marking a third consecutive weekly decline due to milder winter forecasts and the lingering effects of Hurricane Milton.
Henry Hub Put/Call volume ratio shot up to 1.54 (18/Oct) from 0.69 (11/Oct) the previous week as put volumes increased by 81.3% WoW, while call volumes fell by 18.4%.
Put OI rose for contracts expiring in November, April, and May, while call OI increased for December, January, February, and March expiries.


[US Nat Gas Options Weekly 2024/42] Henry Hub Continues Tumbling Due to Bleak Demand Outlook

<ul>
<li>US natural gas prices fell 7.8% for the week ending 11/Oct, marking a second straight weekly decline as Hurricane Milton reduced electricity demand, driving down Henry Hub prices.</li>
<li>Henry Hub Put/Call volume ratio fell to 0.69 (11/Oct) from 0.98 the previous week as put volumes fell by 27.3% WoW, while call volumes rose by 2.8%.</li>
<li>Put OI increased for contracts expiring in November and April while call OI rose for expiries in December, January, February, and March.</li>
</ul>


US natural gas prices fell 7.8% for the week ending 11/Oct, marking a second straight weekly decline as Hurricane Milton reduced electricity demand, driving down Henry Hub prices.
Henry Hub Put/Call volume ratio fell to 0.69 (11/Oct) from 0.98 the previous week as put volumes fell by 27.3% WoW, while call volumes rose by 2.8%.
Put OI increased for contracts expiring in November and April while call OI rose for expiries in December, January, February, and March.


[US Nat Gas Options Weekly 2024/41] Henry Hub Extends Decline as Hurricane Milton Destroys Demand

<ul>
<li>US natural gas prices fell by 1.65% for the week ending 04/Oct, ending a streak of five straight weekly gains. The decline was due to expectations of softening demand.  </li>
<li>Henry Hub Put/Call volume ratio fell to 0.98 (04/Oct) from 1.03 the previous week as put volumes fell by 20.2% WoW, while call volumes declined by 16.7%.</li>
<li>Put OI increased for contracts expiring in October and November, while call OI rose for expiries in December, January, February, and March.</li>
</ul>


US natural gas prices fell by 1.65% for the week ending 04/Oct, ending a streak of five straight weekly gains. The decline was due to expectations of softening demand.  
Henry Hub Put/Call volume ratio fell to 0.98 (04/Oct) from 1.03 the previous week as put volumes fell by 20.2% WoW, while call volumes declined by 16.7%.
Put OI increased for contracts expiring in October and November, while call OI rose for expiries in December, January, February, and March.


[US Nat Gas Options Weekly 2024/40] Henry Hub Tumbles as Hurricane Weakens Demand Outlook

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)

The Drill – Time to play the Natural Gas case again?

Dutch TTF is trading at its highest YTD price as supply is getting hit on various fronts. Firstly, as a consequence of the Houthis shenanigans in...

Steno Research

[US Nat Gas Options Weekly 2024/43] Henry Hub Rebounds on Better Demand Forecasts and Reduced Output

Henry Hub futures surged 13.4% for the week ending 25/Oct led by improved weather forecasts and reduced output. While the put/call volume ratio...

Mint Finance

[US Nat Gas Options Weekly 2024/42] Henry Hub Continues Tumbling Due to Bleak Demand Outlook

US Nat Gas prices dropped 14.2% for the week ending 18/Oct, marking the third straight weekly fall and steepest weekly fall since February....

Mint Finance

[US Nat Gas Options Weekly 2024/41] Henry Hub Extends Decline as Hurricane Milton Destroys Demand

US Nat Gas prices closed the week ending 11/Oct lower, marking the second straight weekly fall. The Put/Call volume ratio fell as put volumes...

Mint Finance

[US Nat Gas Options Weekly 2024/40] Henry Hub Tumbles as Hurricane Weakens Demand Outlook

US Nat Gas prices closed the week ending 04/Oct lower, ending a five-week winning streak led by forecasts of softening demand. The Put/Call volume...

Mint Finance

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