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.

Thematic (Sector/Industry)

In line with our expectations from a few months ago Saudi has ramped up production into the summer to drive down oil prices, adding 0.9mbpd since the start of the year to go 2.5mbpd above their historic quota, equivalent to the expected return of Iranian crude. This should drag down energy stocks and the whole curve, both of which should bottom this summer.

In line with our expectations from a few months ago Saudi has ramped up production into the summer to drive down oil prices, adding 0.9mbpd since the start of the year to go 2.5mbpd above their historic quota, equivalent to the expected return of Iranian crude. This should drag down energy stocks and the whole curve, both of which should bottom this summer.

Saudi is flooding the oil market, not Iran

While slightly later than expected, a comprehensive deal on Iran's nuclear weapons program has now been reached. We think this is a good deal that stops nuclear breakout. Iran offers exceptional investment opportunities with the TSE at 6x PE and yielding double digit dividends, but the near term impact will be to continue oil's decline back to its lows, potentially taking energy stocks with it.

While slightly later than expected, a comprehensive deal on Iran's nuclear weapons program has now been reached. We think this is a good deal that stops nuclear breakout. Iran offers exceptional investment opportunities with the TSE at 6x PE and yielding double digit dividends, but the near term impact will be to continue oil's decline back to its lows, potentially taking energy stocks with it.

Transport Sector, China and Asia-focused Research

Charles De Trenck

We are in the sweet spot of a recovery in tanker shipping coming after the sub-sector has marked multi-year lows. The driver has been oil price rebounds which itself has driven a promise of higher dividend distributions.

We are in the sweet spot of a recovery in tanker shipping coming after the sub-sector has marked multi-year lows. The driver has been oil price rebounds which itself has driven a promise of higher dividend distributions.

Key Juncture for Tankers and How to Get Proper Tanker Exposure

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>A sharp volatility surge in Oil creates a compelling backdrop for evaluating risk management and trading opportunities across energy and broader equity markets.</li>
<li>If prior ranges reflected normal conditions, the current environment may justify a reassessment of what constitutes fair value for Oil going forward.</li>
<li>We outline how prices may evolve from here and build trade structures aligned with those expectations.</li>
</ul>


A sharp volatility surge in Oil creates a compelling backdrop for evaluating risk management and trading opportunities across energy and broader equity markets.
If prior ranges reflected normal conditions, the current environment may justify a reassessment of what constitutes fair value for Oil going forward.
We outline how prices may evolve from here and build trade structures aligned with those expectations.


Oil: Price and Volatility Shock Create High Probability Setups

In recent months Saudi Arabia has added the equivalent of half a Bakken in production as they try to front run a likely Iranian nuclear deal in June. Today's news on succession solidifies succession and a continuation of assertive internal, foreign and oil policy by Saudi

In recent months Saudi Arabia has added the equivalent of half a Bakken in production as they try to front run a likely Iranian nuclear deal in June. Today's news on succession solidifies succession and a continuation of assertive internal, foreign and oil policy by Saudi

Saudi Succession shifts solidify supply surge

United States

United States Oil Fund LP is a Delaware limited partnership incorporated in the USA. The Fund's objective is to have changes in percentage terms of its unit's net asset value reflect the changes of the price of WTI Crude Oil delivered to Cushing, Oklahoma, as measured by changes in percentage terms of the price of the WTI Crude Oil futures contract on the NYMEX. The fund is a commodity pool.

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United States Oil Fund LP (USO US)

Saudi is flooding the oil market, not Iran

In line with our expectations from a few months ago Saudi has ramped up production into the summer to drive down oil prices, adding 0.9mbpd since...

Emad Mostaque

Iranian deal done

While slightly later than expected, a comprehensive deal on Iran's nuclear weapons program has now been reached. We think this is a good deal that...

Emad Mostaque

Key Juncture for Tankers and How to Get Proper Tanker Exposure

We are in the sweet spot of a recovery in tanker shipping coming after the sub-sector has marked multi-year lows. The driver has been oil price...

Charles De Trenck

Oil: Price and Volatility Shock Create High Probability Setups

A break in both price and volatility dynamics supports a shift toward structured trades that reflect evolving market conditions.

John Ley

Saudi Succession shifts solidify supply surge

In recent months Saudi Arabia has added the equivalent of half a Bakken in production as they try to front run a likely Iranian nuclear deal in...

Emad Mostaque

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)