Research & News
Bi-Weekly Geopolitical Report – Distinguishing My Wife From a Hat, an AI Story (June 26, 2023)
Thomas Wash | PDF In his book, The Man Who Mistook His Wife for a Hat and Other Clinical Tales, Oliver Sacks, a neurologist, details his experience with patients suffering from varying neurological disorders. In one such case, he dealt with a man who had lost the ability to recognize faces. The patient was a… Read More »
Weekly Energy Update (June 22, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices may be establishing a new trading range between $67 and $75 per barrel. (Source: Barchart.com) Commercial crude oil inventories fell 3.8 mb when compared to the forecast build of 0.5 mb. The SPR fell 1.7 mb, putting the total draw at 5.6… Read More »
Asset Allocation Bi-Weekly – The Great Divergence (June 20, 2023)
by the Asset Allocation Committee | PDF The S&P 500 is up 10% year-to-date and briefly reached the 4,200 level in late May. The recent rally in equity markets has been driven by the rise of generative artificial intelligence (AI), which has bolstered tech stocks. In fact, much of this strong performance has come from… Read More »
Weekly Energy Update (June 15, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices may be establishing a new trading range between $67 and $75 per barrel. (Source: Barchart.com) Commercial crude oil inventories rose 7.9 mb when compared to the forecast draw of 1.5 mb. The SPR fell 1.9 mb, putting the total build at 6.0… Read More »
The Case for Hard Assets: An Update (June 2023)
by Bill O’Grady & Mark Keller | PDF Background and Summary Secular markets are defined as long-term trends in an asset. There are both secular bear and bull markets. In most markets, there are also cyclical bull and bear markets, often tied to the business cycle, and in some markets, there are seasonal bull and… Read More »
Bi-Weekly Geopolitical Report – The Issue of the Terms of Trade (June 12, 2023)
Bill O’Grady | PDF In a recent Bi-Weekly Geopolitical Report, we discussed the emergence of the petroyuan. One of the important aspects of that report was that foreign nations were beginning to pay for oil in their own currencies. As we noted in the report, George Shultz and Henry Kissinger negotiated a deal with the… Read More »
Weekly Energy Update (June 8, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices continue to trade in the lower part of the trading range despite the Saudis’ announcement of a unilateral production cut. (Source: Barchart.com) Commercial crude oil inventories fell 0.5 mb when compared to the forecast build of 1.5 mb. The SPR fell 1.9… Read More »