Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

The clearest trade to me right now... Is monetizing the volatility in Oil through options&nbsp;Now I am exceptionally bearish on oil for a range of different factors &amp; think we break $40 in 2Q if not already in Apr (hence symmetrically very bearish on the Macro aspects of CA &amp; NO as well as very bullish on USDCAD &amp; USDNOK)However, that&rsquo;s another conversation &ndash; I just wanted to highlight the huge swings we&rsquo;ve been seeing in oil &ndash; given the hocus-pocus headlines that drive the up days &amp; the fundamental data points that drive the down days.

The clearest trade to me right now... Is monetizing the volatility in Oil through options&nbsp;Now I am exceptionally bearish on oil for a range of different factors &amp; think we break $40 in 2Q if not already in Apr (hence symmetrically very bearish on the Macro aspects of CA &amp; NO as well as very bullish on USDCAD &amp; USDNOK)However, that&rsquo;s another conversation &ndash; I just wanted to highlight the huge swings we&rsquo;ve been seeing in oil &ndash; given the hocus-pocus headlines that drive the up days &amp; the fundamental data points that drive the down days.

Oil is going to break $40 before E-2Q, but there is money to be made whether you are a bull or bear

EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
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More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Yemen has once again hit the headlines as structural issues lead to political uncertainty and tumult. The situation may not be as bad as the headlines are likely to make it&nbsp;out however and we believe it will be contained.

Yemen has once again hit the headlines as structural issues lead to political uncertainty and tumult. The situation may not be as bad as the headlines are likely to make it&nbsp;out however and we believe it will be contained.

There is a high probability of a nuclear deal being agreed between the P5 + 1 nations and Iran next Friday, 20th March. This may be the precursor for energy stocks to recouple to downside and for spending cuts to spread from capex to dividends for majors.

There is a high probability of a nuclear deal being agreed between the P5 + 1 nations and Iran next Friday, 20th March. This may be the precursor for energy stocks to recouple to downside and for spending cuts to spread from capex to dividends for majors.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Targa Resources Corporation (TRGP) delivered a robust performance in the second quarter of 2025, reinforcing its position in the energy infrastructure sector.</li><li>The company's results reflect strong execution and operational efficiency, matched with strategic positioning in key production areas.</li><li>Financially, Targa reported adjusted EBITDA of $1.163 billion for the quarter, an 18% increase from the previous year.</li></ul>

Targa Resources Corporation (TRGP) delivered a robust performance in the second quarter of 2025, reinforcing its position in the energy infrastructure sector.The company's results reflect strong execution and operational efficiency, matched with strategic positioning in key production areas.Financially, Targa reported adjusted EBITDA of $1.163 billion for the quarter, an 18% increase from the previous year.

Can Targa Resources Finally Build A Competitive Edge With Largest Sour Gas Treating Capacity!

<ul><li>Targa Resources Corp., a key player in the midstream energy sector, presented its first-quarter 2025 earnings, demonstrating a mixed performance influenced by a combination of operational excellence and market challenges.</li><li>The company reported record adjusted EBITDA driven by strong activity in the Permian Basin, despite facing adverse winter weather conditions that impacted volumes.</li><li>However, the company's proactive approach to managing these interruptions, including strategic purchase and storage of steel to mitigate potential tariff impacts, stands out as a positive aspect.</li></ul>

Targa Resources Corp., a key player in the midstream energy sector, presented its first-quarter 2025 earnings, demonstrating a mixed performance influenced by a combination of operational excellence and market challenges.The company reported record adjusted EBITDA driven by strong activity in the Permian Basin, despite facing adverse winter weather conditions that impacted volumes.However, the company's proactive approach to managing these interruptions, including strategic purchase and storage of steel to mitigate potential tariff impacts, stands out as a positive aspect.

Targa Resources: An Insight Into Its Permian Basin Positioning

United States

Targa Resources Corp. owns general and limited partner interests in a limited partnership that provides midstream natural gas and natural gas liquid services.  The partnership gathers, compresses, treats, processes, and sells natural gas.  The Company also stores, fractionates, treats, transports, and sells natural gas liquids and related products.

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Targa Resources (TRGP US)

Oil is going to break $40 before E-2Q, but there is money to be made whether you are a bull or bear

The clearest trade to me right now... Is monetizing the volatility in Oil through options Now I am exceptionally bearish on oil for a range of...

Kay Van-Petersen

Yemen - Dancing on the heads of snakes

Yemen has once again hit the headlines as structural issues lead to political uncertainty and tumult. The situation may not be as bad as the...

Emad Mostaque

Will an Iran deal crack oil?

There is a high probability of a nuclear deal being agreed between the P5 + 1 nations and Iran next Friday, 20th March. This may be the precursor...

Emad Mostaque

Can Targa Resources Finally Build A Competitive Edge With Largest Sour Gas Treating Capacity!

Targa Resources Corporation (TRGP) delivered a robust performance in the second quarter of 2025, reinforcing its position in the energy...

Baptista Research

Targa Resources: An Insight Into Its Permian Basin Positioning

Targa Resources Corp., a key player in the midstream energy sector, presented its first-quarter 2025 earnings, demonstrating a mixed performance...

Baptista Research

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