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.

Commodities

<ul>
<li>US crude oil inventories fell by 4.9 million barrels in the week ending 12/Jul, marking the third consecutive weekly decline.</li>
<li>As of 12/Jul, US natural gas inventories were up 8.4% YoY and 16.9% above the 5-year seasonal average.</li>
<li>UBS expects Chevron's Q2 earnings to fall short of expectations due to LNG project downtime and lower international refining margins.</li>
</ul>


US crude oil inventories fell by 4.9 million barrels in the week ending 12/Jul, marking the third consecutive weekly decline.
As of 12/Jul, US natural gas inventories were up 8.4% YoY and 16.9% above the 5-year seasonal average.
UBS expects Chevron's Q2 earnings to fall short of expectations due to LNG project downtime and lower international refining margins.


[ETP 29/2024] Oil Rebounds on Inventory Drop; Energy Majors' Targets Cut

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.

Cross Asset Strategy

<ul><li>We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.</li><li>As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.</li><li>We are updating the baskets regularly based on the political proposals of the two candidates.</li></ul>

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.We are updating the baskets regularly based on the political proposals of the two candidates.

Equity Watch: The Trump versus Biden Basket

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>HFD on US bankruptcy filings suggest more stresses to come from consumer card loans</li>
<li>US large banks are more exposed to consumer card loans, but small banks have more CRE</li>
<li>Even where many are seeing far higher charge-offs and impairment costs, HFD suggests these will rise more, and historical peaks, are also far higher</li>
</ul>


HFD on US bankruptcy filings suggest more stresses to come from consumer card loans
US large banks are more exposed to consumer card loans, but small banks have more CRE
Even where many are seeing far higher charge-offs and impairment costs, HFD suggests these will rise more, and historical peaks, are also far higher


US Banks - Weekly US Bankruptcies Rising, US Consumer Defaults More Risk to Large Banks

<ul>
<li>An unexpected increase in US crude oil and gasoline inventories pushed oil prices down but the ongoing conflicts capped the downside.</li>
<li>Growing natural gas output dampens Henry Hub’s uptrend. Europe will ban transshipments of Russian LNG in its ports from March 2025.</li>
<li>Chevron's Wheatstone LNG facility in Australia resumed full production. Wells Fargo lowered its target price on Shell but raised it on Occidental.</li>
</ul>


An unexpected increase in US crude oil and gasoline inventories pushed oil prices down but the ongoing conflicts capped the downside.
Growing natural gas output dampens Henry Hub’s uptrend. Europe will ban transshipments of Russian LNG in its ports from March 2025.
Chevron's Wheatstone LNG facility in Australia resumed full production. Wells Fargo lowered its target price on Shell but raised it on Occidental.


[ETP 26/2024] Oil Prices Drop on Surprise Inventory Build; Oil Majors Slide but Retain Gains

<ul>
<li>Credit costs, net charge-offs, are rising rapidly for US credit card companies and also for many banks</li>
<li>The 'buy now, pay later' industry is fairly new, Apple's new announcement to exit this business suddenly, may be testimony to stresses</li>
<li>The proportion of US credit card delinquencies/total US delinquencies is now higher than past credit cycles </li>
</ul>


Credit costs, net charge-offs, are rising rapidly for US credit card companies and also for many banks
The 'buy now, pay later' industry is fairly new, Apple's new announcement to exit this business suddenly, may be testimony to stresses
The proportion of US credit card delinquencies/total US delinquencies is now higher than past credit cycles 


United States

Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance.  The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.

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Wells Fargo & Co (WFC US)

[ETP 29/2024] Oil Rebounds on Inventory Drop; Energy Majors' Targets Cut

US crude inventories fell for the third straight week, while gasoline and distillate stocks exceeded expectations. US & European gas storage above...

Mint Finance

Equity Watch: The Trump versus Biden Basket

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket. As a result, we will provide a detailed breakdown of...

Steno Research

US Banks - Weekly US Bankruptcies Rising, US Consumer Defaults More Risk to Large Banks

Weekly US bankruptcy filings are rising, these appear to be higher than dire days of FY20 now. High rates, high inflation, buy now pay later, are...

Daniel Tabbush

[ETP 26/2024] Oil Prices Drop on Surprise Inventory Build; Oil Majors Slide but Retain Gains

Inventory build-up in the US points to signs of weaker-than-expected summer demand, Nat-gas prices hit by rising output. Uptrend in oil & gas...

Mint Finance

US Banks - Buy Now, Default Later?

Credit card defaults can be major risk for US card companies and banks. Credit cards and net charge-offs are surging. Macro data on credit card...

Daniel Tabbush

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