In today’s briefing:
- Steno Signals #178 – Brace yourselves, liquidity is coming!
- [ETP 2025/01] WTI Rises on Improved Chinese Outlook, Henry Hub Reverses Uptrend
- CX Daily: Venture Capital in China Flounders as State Takes Over (Part 1)
Steno Signals #178 – Brace yourselves, liquidity is coming!
- Happy New Year, friends, and welcome back to the Steno Signals editorials! My apologies for the silence over the past few days—I celebrated New Year’s Eve (and my 35th birthday) battling a nasty pneumonia, which has taken some time to recover from.
- Thankfully, I am finally better and wanted to share my 2025 thoughts on liquidity with you, as I find myself disagreeing quite a bit with the current semi-bearish consensus.
- We experienced an almost equally “tight” year-end as the tight quarter-end back in September.
[ETP 2025/01] WTI Rises on Improved Chinese Outlook, Henry Hub Reverses Uptrend
- For the week ending 27/Dec, U.S. crude inventories fell by 1.2m barrels, missing expectations of a 2.4m barrel decrease. Gasoline and distillate stockpiles rose more than expected.
- U.S. natural gas inventories fell by 116 Bcf for the week ending 27/Dec, missing analyst expectations of a 127 Bcf drawdown. Inventories are 4.7% above the 5-year seasonal average.
- JP Morgan lowered its 12-month PT for Halliburton and Schlumberger but maintained its “Overweight” ratings. Saudi Aramco revised fuel and natural gas prices for cement production starting from 01/Jan.
CX Daily: Venture Capital in China Flounders as State Takes Over (Part 1)
- Funds / In Depth: Venture Capital in China flounders as state takes over
- Flights /Chinese airlines skirt southern Russia after Azerbaijan plane crash
- PMI /China manufacturing slows as exports decline, Caixin PMI shows
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