The near-term WTI contract at $65.80/Bbl is $6.8/Bbl, or 11%, higher than WTI one year from now. A backwardated curve can mean that oil is in higher demand today than…
Markets were jolted on Friday by the surge in yields, after relatively smooth bond sales this week had eased concerns on the fixed-income outlook. The wave of stimulus and vaccine…
This year’s gas market may be tighter than many realize. So far this winter, we have been depleting inventories at a rapid clip, despite the mild weather in November through…
The U.S. economy appears primed to recover from the COVID-19 slump much faster than others, causing havoc in the bond markets this week and potentially exacerbating the kind of imbalances…
The theme of large oil independents and supermajors for 2021 is to keep production flat, pay down debt, and create more free-cash flow. For a sample of large producers who…
The selloff in the Treasury market continued this week after coming off a long Presidents’ Day weekend. Reflation trades continue to proliferate, as fixed rate Treasury bonds were sold to…
AEGIS now expects summer storage to start under 1,500 Bcf, the lowest in the last eight years, except for 2014 (polar vortex) and 2019. We derived an end-of-season (EOS) storage…
A six-dollar rise in 2022 and eight-dollar rise in 4Q2021 WTI prices suggest production could surge by near 1 MMBbl/d by 2023. That is, if operators’ response to drilling economics…
Saudi Arabia plans to unwind 1 MMBbl/d of supply cuts starting in April.* The action would end the 1 MMBbl/d of unilateral curtailments the country announced in early January for…
U.S. Treasury yields rose, and inflation outlooks have jumped after the U.S. Treasury Department on Thursday saw tepid demand for the sale of $27 billion of new 30-year bonds. This…