Daily Brief United States: Crude Oil, Natural Gas, Vera Bradley, DocuSign , Teledyne Technologies, Wheaton Precious Metals, Dollar General, Williams Sonoma and more

• OPEC’s output decision is seen as the most influential factor for the oil market, with prices tumbling and Brent crude trading just above $70
• OPEC shows tolerance to potential economic fallout from tariffs and plans to increase crude oil output starting in April 2025
• Uncertainty remains in the market as geopolitical tensions escalate in the Middle East and President Trump proposes a new Iranian nuclear deal with a two-month deadline, putting pressure on Iran and other countries subject to sanctions

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• For the week ending 21/Mar, U.S. natural gas prices fell by 3% due to milder weather forecasts and larger-than-expected build in the U.S. natural gas inventories.
• Henry Hub dropped by 6.4% on 20/Mar (Thu) after the EIA reported a 9 Bcf build in U.S. inventories. Prices ended the week below the 9-day and 21-day moving averages.
• Henry Hub OI PCR increased to 1.05 on 21/Mar from 1.03 on 14/Mar. Call OI rose by 3.6% WoW, while put OI grew by 5%.

• We are reiterating our Buy rating and $4 price target for Vera Bradley after visiting stores in Connecticut and Long Island.
• With the arrival of Spring, Vera Bradley continues to tweak the mix/features to return to a growth model.
• For the main line stores, March saw the rollout of another Disney collaboration and the continued success of the Heritage collection, with the shift back to key features (i.e. longer straps, zip enclosures and pockets) also helping drive solid results.

• DocuSign, Inc. delivered a noteworthy performance in the fourth quarter of Fiscal Year 2025, underpinned by both strategic pivots and operational efficiency gains.
• The company reported a revenue of $776 million, marking a 9% year-over-year rise, culminating in an annual revenue of $3 billion—an 8% increase over the prior year.
• This growth trajectory underscores a positive momentum, primarily fueled by the launch of Intelligent Agreement Management (IAM), a comprehensive AI-driven platform focused on transforming how businesses manage agreements.

• Teledyne Technologies Incorporated presented a mixed financial performance in their fourth quarter of 2024 earnings call.
• The company reported record revenues, with a 5.4% increase in sales compared to the prior year.
• This growth was further highlighted by record achievements in full-year non-GAAP earnings per share and operating margins.

• Wheaton Precious Metals’ recent financial results and operational updates offer an intricate view of their current position and strategies moving forward.
• Throughout 2024, Wheaton demonstrated strong operational performance with record revenue and significantly increased net earnings driven by high production levels, especially from key assets such as Salobo and Constancia.
• Notably, the company exceeded its production guidance, realizing an annual production of 635,000 gold equivalent ounces (GEOs), and set a strong forecast indicating a production increase to 870,000 GEOs by 2029.

• Dollar General reported its fourth-quarter and fiscal year 2024 results, reflecting both strategic challenges and opportunities.
• Net sales for Q4 increased by 4.5%, reaching $10.3 billion, contributing to fiscal year sales surpassing $40 billion, a first in the company’s history.
• Comparable store sales rose by 1.2%, driven by a 2.3% increase in average transaction amount.

• OPEC maintains its 2025 oil demand growth forecast at 1.45m bpd, while the IEA lowered its estimate due to weaker-than-expected economic activity.
• The EIA reduced its 2025 global liquid fuels production forecast to 1.4m bpd, down from 1.7m bpd, while maintaining its 2026 forecast at 1.6m bpd.
• Rising non-OPEC+ production, led by the U.S., Canada, and Brazil, may result in an oversupplied market by late 2025.

• WTI futures rose 1.6% for the week ending 21/Mar, driven by escalating tensions in the Middle East and declining U.S. fuel inventories.
• The U.S. rig count rose by one to 593. The oil rig count dropped by one to 486 and gas rigs rose by two to 102.
• WTI OI PCR fell to 0.90 on 21/Mar from 0.93 on 14/Mar. Call OI decreased by 12.2% WoW, while put OI dropped by 14.6%.

• Williams-Sonoma, Inc. presents a nuanced investment case, balancing strong financial outcomes with potential challenges.
• On a positive note, the company concluded fiscal year 2024 with robust results, supported by strategic decisions such as supply chain efficiencies, product innovation, and collaborations.
• For the fourth quarter of 2024, Williams-Sonoma delivered a 3.1% increase in comparable sales, surpassing industry trends, and reported an operating margin of 21.5%, along with earnings per share at $3.28.