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.

Macro and Geopolitical Research House

Positioning Watch: Who is caught in the Crossfire?

Positioning Watch: Higher for longer vs Lower for longer?

Portfolio Watch: The wheels are coming off in Europe

Positioning Watch: Energy is not (yet) a consensus

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Welcome back to our weekly positioning watch, where we run through interest positioning insights/data collected throughout the week.</li>
<li>It’s safe to say that energy is all everyone is talking about with the oil rally still going strong, but the trade might have more to give as positioning is not as exhausted as some people might tell you.</li>
<li>When you take into account the number of traders in the CFTC report, oil positioning is barely anything compared to history.</li>
</ul>


Welcome back to our weekly positioning watch, where we run through interest positioning insights/data collected throughout the week.
It’s safe to say that energy is all everyone is talking about with the oil rally still going strong, but the trade might have more to give as positioning is not as exhausted as some people might tell you.
When you take into account the number of traders in the CFTC report, oil positioning is barely anything compared to history.


iShares 20+ Year Treasury Bond ETF (TLT US)

Positioning Watch – Oil Longs Are Not as Big as You Think