Research & News
Bi-Weekly Geopolitical Report – The 2022 Mid-Year Geopolitical Outlook (June 21, 2022)
by Bill O’Grady and Patrick Fearon-Hernandez, CFA | PDF (N.B. Due to the Fourth of July holiday, our next geopolitical report will be published on July 18.) As is our custom, we update our geopolitical outlook for the remainder of the year as the first half comes to a close. This report is less a… Read More »
Weekly Energy Update (June 16, 2022)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil prices continue to rise in an orderly fashion. (Source: Barchart.com) Crude oil inventories rose 2.0 mb compared to a 2.0 mb draw forecast. The SPR declined 7.7 mb, meaning the net draw was 5.8 mb. In the details, U.S. crude oil production… Read More »
Asset Allocation Bi-Weekly – Homebuilders Versus Apartment Builders (June 13, 2022)
by the Asset Allocation Committee | PDF After two years of press reports about skyrocketing home prices, we assume investors are well aware that the housing market has been hot. However, “housing” includes at least two main asset types: single-family homes and apartment properties. A deep dive into the data reveals significant differences between these… Read More »
Weekly Energy Update (June 9, 2022)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil prices continue to rise in an orderly fashion. (Source: Barchart.com) Crude oil inventories rose 2.0 mb compared to a 3.3 mb draw forecast. The SPR declined 7.3 mb, meaning the net draw was 5.2 mb. In the details, U.S. crude oil production… Read More »
Bi-Weekly Geopolitical Report – Mineral Commodities in the World’s New Geopolitical Blocs (June 6, 2022)
by Patrick Fearon-Hernandez, CFA | PDF For many years, we’ve discussed how the United States has been backing away from its historical role as global hegemon, setting the stage for deglobalization and a fracturing of the world into separate geopolitical and economic blocs. In our Bi-Weekly Geopolitical Report from May 9, 2022, we provided a… Read More »
Weekly Energy Update (June 3, 2022)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil prices continue to grind higher despite reports of OPEC+ production increases and record SPR sales. (Source: Barchart.com) Crude oil inventories fell 5.1 mb compared to a 3.0 mb draw forecast. The SPR declined 5.4 mb, meaning the net draw was 10.5 mb.… Read More »
Asset Allocation Bi-Weekly – The Problem of Financial Conditions (May 31, 2022)
by the Asset Allocation Committee | PDF Among the financial pundit class, there has been a growing call to weaken financial conditions. What are financial conditions? They include credit spreads, the level of interest rates, the level of equities, the level of market volatility, the dollar’s exchange rate, etc. Weaker financial conditions mean that borrowing… Read More »