Research & News
Weekly Energy Update (May 18, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices were mostly steady over the past week. Recession fears continue to stifle price movements. (Source: Barchart.com) Commercial crude oil inventories rose 5.0 mb compared to the forecast draw of 2.0 mb. The SPR fell 2.4 mb, putting the total build at 2.6… Read More »
Bi-Weekly Geopolitical Report – Opportunities and Risks in a Tripolar Nuclear World (May 15, 2023)
Patrick Fearon-Hernandez, CFA | PDF Some 30 years into China’s development boom, it’s no longer controversial to say that tomorrow’s global investment environment will be shaped by Beijing’s effort to displace the United States as the world’s dominant country. China remains focused on building its various sources of power, whether they be political, economic, technological,… Read More »
Weekly Energy Update (May 11, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Although prices have bounced to return to the lower end of the $84/$72 trading range, recession fears continue to dominate sentiment. (Source: Barchart.com) Commercial crude oil inventories rose 3.0 mb compared to the forecast draw of 2.5 mb. The SPR fell 2.9 mb, putting… Read More »
Asset Allocation Bi-Weekly – Why We Are Keeping Duration Short (May 8, 2023)
by the Asset Allocation Committee | PDF Financial markets are complicated, and when faced with complication, there is an incentive to simplify. This simplification process takes on several forms, including narratives, bromides, adages, etc. Even the modeling process is a form of simplification. Sayings like “don’t fight the Fed” or “cash is trash” are often… Read More »
Weekly Energy Update (May 4, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Recession fears are gripping the oil market, sending prices toward lows last seen in March. (Source: Barchart.com) Commercial crude oil inventories fell 1.3 mb compared to the forecast draw of 1.5 mb. The SPR fell 2.0 mb, putting the total draw at 3.3 mb.… Read More »
Bi-Weekly Geopolitical Report – Implications of the Iran-Saudi Arabia Détente (May 1, 2023)
Bill O’Grady | PDF In early March, China brokered a thaw between Iran and the Kingdom of Saudi Arabia (KSA). The two countries have been at odds for decades, even before the Iranian Revolution in 1979. Essentially, both nations believe themselves to be the rightful leader of the region. The nations had been allied during… Read More »