Research & News
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 »
Asset Allocation Bi-Weekly – Weak Capital Investment by State and Local Governments (June 5, 2023)
by the Asset Allocation Committee | PDF The standoff between the Biden administration and congressional Republicans over raising the federal debt limit has prompted us to think more deeply about some important longer-term issues regarding U.S. public spending. As we discuss in this report, a key problem is that one particular type of government investment… Read More »
Weekly Energy Update (June 1, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices have been volatile in front of the OPEC+ meeting. (Source: Barchart.com) Commercial crude oil inventories fell a whopping 12.5 mb when compared to the forecast build of 1.5 mb. The SPR fell 1.6 mb, putting the total draw at 14.1 mb. In… Read More »
Bi-Weekly Geopolitical Report – China’s New National Security Law (May 30, 2023)
Bill O’Grady | PDF In late April, China released a new version of its national security law. Shortly thereafter, some prominent U.S. firms were raided by national security operatives, and there were reports of database access being restricted. In this report, we will discuss the new law and who has run afoul of the rules… Read More »