WEEKLY REFINING INDICATORS REPORT WEEK ENDING 09/30/2016

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "WEEKLY REFINING INDICATORS REPORT WEEK ENDING 09/30/2016"

Transcription

1 WEEKLY REFINING INDICATORS REPORT WEEK ENDING 09/30/2016 Blake Fernandez, Analyst Quick Take: Crude draw a function of lower imports (- 125MBbl/d), lower utilization (-1.8%), lower 48 production (-38MBbl/d) and a -910MBbl adjustment. Demand for gasoline remains robust (+3.2%) but distillate is in the gutter (-8.9%). Gasoline imports ramped up 225MBbl/d wk/wk, contributing to the build. Finally, product exports declined a bit, likely a function of Colonial disruptions being corrected. 37x 33x 29x 25x Days of Crude Demand Cover Trailing 4-week average crude throughput is 2.3% above the year-ago comp. We estimate September demand cover of 30.7 days (September 15 = 28.5 days, September avg. = 24.2). Trailing 4-week average gasoline demand is 3.2% above the year-ago comp. We estimate September demand cover of 24.3 days (September 15 = 24.3 days, September avg. = 24.0). Trailing 4-week average distillate demand is 8.9% below the year-ago comp. We estimate September demand cover of 45.4 days (September 15 = 39.2 days, September avg. = 36.6). 21x 5-yr Avg Days of Gasoline Demand Cover 29x 27x 25x 23x 21x 5-yr Avg Trailing 4-week average total product demand is 3.0% above the year-ago comp. We estimate September demand cover of 70.0 days (September 15 = 67.0 days, September avg. = 60.4). 52x 44x Days of Distillate Demand Cover 36x 28x 20x 5-yr Avg x Days of Total Product Demand Cover 66x 61x 56x 51x 5-yr Avg Information and sources for all charts and tables in this report were compiled from Scotia Howard Weil, EIA and Bloomberg. For all relevant disclosures and certifications see Appendix A Important Disclosures of this report. Scotia Howard Weil is a division of Scotia Capital (USA) Inc., a member of the Scotiabank group, and represents Scotiabank s energy equities business in the United States. Page 1 of 13 Scotia Howard Weil 1100 Poydras Street, Suite 3500 New Orleans, LA 70163

2 DOE Inventories & Imports (000s) Inventories TOTAL U.S. Current Year-ago % Change 5-Yr. Average % Change Crude 499, ,997 8% 376,469 33% Total Gasoline (includes RFG + blendstock) 227, ,920 2% 212,362 7% Total Distillate (Diesel + #2 Heating Oil) 160, ,150 8% 137,005 17% # 2 Heating Oil 12,327 14,550-15% 22,753-46% Diesel 148, ,600 10% 114,252 30% Imports Crude 7,710 7,068 9% 7,904-2% Total Gasoline (includes RFG + blendstock) 1, % % Total Distillate (Diesel + #2 Heating Oil) % 99 4% Crude Throughput 16,032 15,559 3% 15,329 5% Refinery Utilization 0.0% 87.5% -100% 88.4% -100% REGIONAL INVENTORY Current Year-ago % Change 5-Yr. Average % Change PADD 1 (Northeast) Crude 15,350 15,490-1% 11,834 30% Total Gasoline (includes RFG + blendstock) 59,797 63,237-5% 54,846 9% RBOB (Alcohol) 17,162 20,391-16% 15,957 Total Distillate (Diesel + #2 Heating Oil) 64,354 58,915 9% 49,051 31% # 2 Heating Oil 6,115 8,658-29% 15,618-61% Diesel 58,239 50,257 16% 33,432 74% PADD 2 (Midwest) Crude 147, ,177 12% 103,510 43% Total Gasoline (includes RFG + blendstock) 49,099 46,781 5% 48,491 1% RBOB (Alcohol) 6,102 5,621 9% 6,042 Total Distillate (Diesel + #2 Heating Oil) 34,031 31,260 9% 30,047 13% PADD 3 (Gulf Coast) Crude 260, ,580 8% 190,057 37% Total Gasoline (includes RFG + blendstock) 83,876 76,860 9% 74,256 13% RBOB (Alcohol) 11,352 10,957 4% 10,827 Total Distillate (Diesel + #2 Heating Oil) 43,098 42,614 1% 41,859 3% PADD 4 (Rockies) Crude 25,627 22,127 16% 19,315 33% Total Gasoline (includes RFG + blendstock) 6,846 7,152-4% 6,659 3% Total Distillate (Diesel + #2 Heating Oil) 3,670 3,488 5% 3,483 5% PADD 5 (West Coast) Crude 50,648 50,623 0% 52,292-3% Total Gasoline (includes RFG + blendstock) 27,788 29,890-7% 27,963-1% Total Distillate (Diesel + #2 Heating Oil) 15,565 12,873 21% 12,544 24% Page 2 of 13

3 Demand vs. Supply Charts 17,000 US Crude Demand (000 Bbl/d) 560,000 US Crude Stocks (000 Bbls) 16, ,000 15, ,000 14, ,000 13, ,000 9,850 U.S. Gasoline Demand (000 Bbl/d) 270,000 Gasoline Stocks (000 Bbls) 9, ,000 8, ,000 8, ,000 7, ,000 4,400 Distillate Demand (000 Bbl/d) 180,000 Distillate Stocks (000 Bbls) 4, ,000 3, ,000 3, ,000 3, ,000 Total Product Demand (000 Bbl/d) Total Product Stocks (000 Bbls) 21,100 1,415,000 20,200 1,305,000 19,300 1,195,000 18,400 1,085,000 17, ,000 Page 3 of 13

4 Regional Refinery Utilization US Total Refinery Utilization (%) PADD I Refinery Utilization (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 60.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5-yr Avg '16 PADD II Refinery Utilization (%) PADD III Refinery Utilization (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 60.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5-yr Avg '16 5-yr Avg '16 PADD IV Refinery Utilization (%) PADD V Refinery Utilization (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 60.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5-yr Avg '16 5-yr Avg '16 Page 4 of 13

5 Regional Crack Spreads East Coast (Brent + Freight) 3Q15 $ Q15 $7.65 1Q16 $6.31 2Q16 $9.06 QTD 16 $8.85 $25.00 $20.00 $15.00 East Coast $10.00 $ Chicago (WTI) 3Q15 $ Q15 $ Q16 $ Q16 $15.99 QTD 16 $14.88 $50.00 $40.00 $30.00 Chicago $20.00 $ Gulf Coast (LLS) 3Q15 $ Q15 $9.28 1Q16 $9.22 2Q16 $11.21 QTD 16 $11.65 $24.00 $18.00 $12.00 Gulf Coast $ ($6.00) Page 5 of 13

6 Regional Crack Spreads West Coast (ANS cif W. Coast) 3Q15 $ Q15 $ Q16 $ Q16 $19.08 QTD 16 $16.93 $60.00 $48.00 $36.00 West Coast $24.00 $ NW Europe (Brent) 3Q15 $ Q15 $ Q16 $7.94 2Q16 $10.59 QTD 16 $9.43 $25.00 $20.00 $15.00 NW Europe $10.00 $ Singapore (Dubai) 3Q15 $ Q15 $ Q16 $ Q16 $9.70 QTD 16 $8.73 $30.00 $24.00 $18.00 Singapore $12.00 $ Page 6 of 13

7 Crude Oil Differentials LLS- Maya 3Q15 $7.40 4Q15 $9.24 1Q16 $8.92 2Q16 $9.46 QTD 16 $7.47 $25 $20 $15 $10 LLS - Maya $5 LLS - Mars 3Q15 $4.93 4Q15 $4.51 1Q16 $5.17 2Q16 $5.35 QTD 16 $4.67 $10 $8 $6 $4 LLS - Mars $2 LLS - ANS 3Q15 (.37) 4Q15 $1.50 1Q16 $2.85 2Q16 $2.92 QTD 16 $3.05 $21 $14 $7 LLS - ANS ($7) ($14) '14 '16 5-yr Avg LLS - WTI 3Q15 $3.56 4Q15 $1.52 1Q16 $1.77 2Q16 $1.89 QTD 16 $1.64 $32 $24 $16 $8 LLS - WTI ($8) Page 7 of 13

8 Crude Oil Differentials LLS - Brent 3Q Q Q Q16 $1.40 QTD $10 $5 ($5) LLS - Brent ($10) ($15) Brent - WTI 3Q15 $3.32 4Q15 $1.29 1Q16 $1.13 2Q16.49 QTD $32 $24 $16 $8 Brent - WTI ($8) WTI - WTS 3Q15 ($1.38) 4Q Q Q16.82 QTD 16 $1.45 $20 $15 $10 $5 WTI-WTS ($5) Brent - Clearbrook (Bakken) 3Q15 $6.47 4Q15 $2.33 1Q16 $2.64 2Q16.94 QTD 16 $2.22 $60 $45 $30 $15 Brent - Clearbrook (Bakken) ($15) Page 8 of 13

9 # of contracts # of contracts # of contracts Oil Open Interest (MM Contracts) CFTC: Non-Commercial Positions NYMEX WTI NYMEX WTI: Open Interest vs. Price Net Long (Short) Position 1 contract = 1,000 barrels 2 $ , $ , , , , , , , , , , $ WTI ($/bbl) $ , $ Open Interest WTI NYMEX RBOB Net Long (Short) Position 1 contract = 42,000 gallons NYMEX #2 Heating Oil Net Long (Short) Position 1 contract = 42,000 gallons 100,000 75,000 50,000 49,963 49,090 57,829 56,208 50,193 56,169 59,950 63,592 24,000 18,000 12,000 8,904 14,764 20,877 21,661 17,379 17,530 16,454 18,654 25,000 6, Page 9 of 13

10 cents per gallon $ per barrel $ per barrel cents per gallon Shipping Trans-Atlantic Arbitrage: CRUDE OIL Trans-Atlantic Arbitrage: GASOLINE LLS-Brent (Net of Freight) USAC-NWE (Net of Freight) $ Gulf Coast/Europe Arbitrage: ULSD USGC-NWE (Net of Freight) Persian Gulf-USGC: Freight Rate (250' dirty tanker) Trailing 8 weeks $ Total US Product Exports (000 Bbl/d) Total US Product Imports (000 Bbl/d) 6,000 6,000 4,750 4,750 3,500 3,500 2,250 2,250 1, , Note: Arb spread estimates provided above represent absolute values: Positive # Arb profit on NWE-sourced cargoes imported to U.S. Negative # Arb profit (ignore +/- sign) on U.S.-sourced cargoes exported to NWE Page 10 of 13

11 $ per barrel $ per barrel per gallon per gallon per gallon per gallon $ per barrel $ per barrel Energy Futures WTI NYMEX WTI: 12-Month Strip BRENT ICE Brent: 12-Month Strip CL1 CL2 CL3 CL4 CL5 CL6 CL7 CL8 CL9 CL10 CL11 CL12 40 CO1 CO2 CO3 CO4 CO5 CO6 CO7 CO8 CO9 CO10 CO11 CO12 RBOB RBOB NYMEX RBOB: 12-Month Strip ICE RBOB: 12-Month Strip XB1 XB2 XB3 XB4 XB5 XB6 XB7 XB8 XB9 XB10 XB11 XB PG1 PG2 PG3 PG4 PG5 PG6 PG7 PG8 PG9 PG10 PG11 PG12 #2 HEATING OIL GASOIL NYMEX #2 Oil: 12-Month Strip ICE Gasoil: 12-Month Strip HO1 HO2 HO3 HO4 HO5 HO6 HO7 HO8 HO9 HO10 HO11 HO QS1 QS2 QS3 QS4 QS5 QS6 QS7 QS8 QS9 QS10 QS11 QS12 * Only 8 contracts available for European Gas Oil REFINING MARGIN NYMEX 3-2-1: 12-Month Strip REFINING MARGIN ICE 2-1-1: 12-Month Strip Avg Avg. * Only 8 contracts available for European Gas Oil Page 11 of 13

12 Appendix A: Important Disclosures Information and sources for all charts and tables in this report were compiled from Scotia Howard Weil, EIA and Bloomberg. Analyst Certification I, Blake Fernandez, certify that the views expressed in this research report accurately reflect my personal views about the subject securities or issuers; and I, Blake Fernandez, certify that no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views contained in this research report. This research report was prepared by employees of Scotia Howard Weil, a division of Scotia Capital (USA) Inc., who have the title of Research Analyst. All pricing of securities in reports is based on the closing price of the securities principal marketplace on the night before the publication date, unless otherwise explicitly stated. All Equity Research Analysts report to the Head of Equity Research. The Head of Equity Research reports to the Managing Director and Co-Head, Global Capital Markets, who is not and does not report to the Head of the Investment Banking Department. Scotia Howard Weil has policies that are reasonably designed to prevent or control the sharing of material non-public information across internal information barriers, such as between Investment Banking and Research. The compensation of the research analyst who prepared this report is based on several factors, including but not limited to, the overall profitability of Scotiabank, Global Banking and Markets, and the revenues generated from its various departments, including investment banking, trading fees and other types of transactions. Furthermore, the research analyst s compensation is charged as an expense to various Scotiabank, Global Banking and Markets departments, including investment banking. Research Analysts may not receive compensation from the companies they cover. For Scotia Howard Weil Research analyst standards and disclosure policies, please visit For applicable current disclosures for all covered companies, please write to the Scotia Howard Weil Research Department at the following address: Scotia Howard Weil Research Department 1100 Poydras Street, Suite 3500 New Orleans, Louisiana General Disclosures This research report was prepared by employees of Scotia Howard Weil, a division of Scotia Capital (USA) Inc. who have the title of Research Analyst. Scotia Capital (USA) Inc., an SEC registered broker-dealer and a member of FINRA and the NYSE, is wholly owned by Scotia Capital Inc., a Canadian Investment Dealer, and indirectly owned by The Bank of Nova Scotia. Scotiabank, together with "Global Banking and Markets," is a marketing name for the global corporate and investment banking and capital markets businesses of The Bank of Nova Scotia and certain of its affiliates in the countries where they operate, including Scotia Capital (USA) Inc. All other trademarks are acknowledged as belonging to their respective owners and the display of such trademarks is for informational purposes only. The frequency of reports is determined by the analyst on a case-by-case basis, driven by external market factors and issuer announcements. Analysts will endeavor to review and publish such estimates and recommendations as soon as possible after the release of material information by the issuer or the occurrence of other relevant events. This will typically involve, at a minimum, a summary of quarterly earnings releases. In addition to Scotia Howard Weil Research, Scotiabank publishes and distributes Scotiabank Global Banking and Markets Equity Research ( Scotiabank Research ), which is a separate research publication. Scotia Howard Weil Research Analysts and Scotiabank Research Analysts are independent from one another and their respective coverage of issuers is different. In addition, because they are independent from one another, Scotia Howard Weil Research Analysts and Scotiabank Research Analysts may have different opinions on the short-term and long-term outlooks of local and global markets and economies. This report is provided to you for informational purposes only. This report is not, and is not to be construed as, an offer to sell or solicitation of an offer to buy any securities and/or commodity futures contracts. The securities mentioned in this report may neither be suitable for all investors nor eligible for sale in some jurisdictions where the report is distributed. The information and opinions contained herein have been compiled or arrived at from sources believed reliable, however, Scotia Howard Weil makes no representation or warranty, express or implied, as to their accuracy or completeness. Scotia Howard Weil has policies designed to make best efforts to ensure that the information contained in this report is current as of the date of this report, unless otherwise specified. Page 12 of 13

13 Any prices that are stated in this report are for informational purposes only. Scotia Howard Weil makes no representation that any transaction may be or could have been effected at those prices. Any opinions expressed herein are those of the author(s) and are subject to change without notice and may differ or be contrary from the opinions expressed by other departments of Scotia Howard Weil or any of its affiliates. Neither Scotia Howard Weil nor its affiliates accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents. This report and all the information, opinions, and conclusions contained in it are protected by copyright. This report may not be reproduced in whole or in part, or referred to in any manner whatsoever, nor may the information, opinions, and conclusions contained in it be referred to without the prior express consent of Scotia Howard Weil. Equity research reports published by Scotia Howard Weil are available electronically via: Bloomberg, Thomson Reuters, Capital IQ, and FactSet. Institutional clients with questions regarding distribution of equity research or who wish to access the proprietary model used to produce this report should contact Scotia Howard Weil at A list of all investment recommendations in any financial instrument or issuer that have been disseminated during the preceding 12 months is available at the following location: Scotia Capital (USA) Inc. is a multidisciplined financial services firm that regularly intends to seek investment banking business with companies covered in its research reports, and thereby seeks to receive compensation from these companies for services including, but not limited to, acting as an underwriter in an offering or financial advisor in a merger or acquisition, or serving as a placement agent for private transactions. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. This report/ may be considered advertising under federal law. If you decide not to receive Scotia Howard Weil Research via , please reply to and ask to be removed. Additional Disclosures Canada: This report is distributed by Scotia Capital Inc., a subsidiary of The Bank of Nova Scotia. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. Chile: This report is distributed by Scotia Corredora de Bolsa Chile S.A., a subsidiary of The Bank of Nova Scotia. Colombia: This report is distributed in Colombia according to the resolutions issued by the Superintendencia Financiera, in which the regulator authorized marketing / promotion of products and services to the following foreign entities, exclusively for the approved purposes: The Bank of Nova Scotia (Canada) Resolution 058 of 2014, The Bank of Nova Scotia (Panama) Resolution 2137 of 2010, and Scotia Capital Inc. Resolution 0226 of Hong Kong: This report is distributed by The Bank of Nova Scotia Hong Kong Branch, which is authorized by the Securities and Future Commission to conduct Type 1, Type 4 and Type 6 regulated activities and regulated by the Hong Kong Monetary Authority. Mexico: This report is distributed by Scotia Inverlat Casa de Bolsa S.A. de C.V., a subsidiary of the Bank of Nova Scotia. Peru: This report is distributed by Scotia Sociedad Agente de Bolsa S.A., a subsidiary of The Bank of Nova Scotia. Singapore: This report is distributed by BNS Asia Limited, a subsidiary of The Bank of Nova Scotia. BNS Asia Limited is authorised and regulated by the Monetary Authority of Singapore, and exempted under Section 99(1)(a),and (b), (c) and (d) of the Securities and Futures Act to conduct regulated activities. United Kingdom and the rest of the European Economic Area: Except as otherwise specified herein, this report is distributed by Scotiabank Europe plc, a subsidiary of The Bank of Nova Scotia. Scotiabank Europe plc complies with all requirements under the EU Market Abuse Regulation concerning investment recommendations. United States: This report is distributed by Scotia Capital (USA) Inc., a subsidiary of Scotia Capital Inc., and a registered U.S. broker-dealer. All transactions by a U.S. investor of securities mentioned in this report must be effected through Scotia Capital (USA) Inc. Non-U.S. investors wishing to effect a transaction in the securities discussed in this report should contact a Scotiabank, Global Banking and Markets entity in their local jurisdiction unless governing law permits otherwise. Trademark of The Bank of Nova Scotia. Used under license, where applicable. Scotiabank, together with "Global Banking and Markets", is a marketing name for the global corporate and investment banking and capital markets businesses of The Bank of Nova Scotia and certain of its affiliates in the countries where they operate, including Scotia Capital Inc., Scotia Capital (USA) Inc., Scotiabanc Inc., Citadel Hill Advisors L.L.C., The Bank of Nova Scotia Trust Company of New York, Scotiabank Europe plc, Scotiabank (Ireland) Limited, Scotiabank Inverlat S.A., Institución de Banca Múltiple, Scotia Inverlat Casa de Bolsa S.A. de C.V., Scotia Inverlat Derivados S.A. de C.V. all members of the Scotiabank Group and authorized users of the mark. The Bank of Nova Scotia is incorporated in Canada with limited liability. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and regulated by the Investment Industry Regulatory Organization of Canada. Scotia Capital (USA) Inc. is a broker-dealer registered with the SEC and is a member of FINRA, NYSE, NFA and SIPC. Scotiabank Europe plc is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Scotiabank Inverlat, S.A., Scotia Inverlat Casa de Bolsa, S.A. de C.V., and Scotia Derivados, S.A. de C.V., are each authorized and regulated by the Mexican financial authorities. Page 13 of 13

Tancred Lidderdale Energy Information Administration 2008 Summer Energy Outlook Conference April 22, 2008 Denver, CO.

Tancred Lidderdale Energy Information Administration 2008 Summer Energy Outlook Conference April 22, 2008 Denver, CO. EIA Short-term term Energy Outlook Tancred Lidderdale Energy Information Administration 2008 Summer Energy Outlook Conference April 22, 2008 Denver, CO. Key Factors Driving the Short-Term 1) Rising world

More information

ScotiaMocatta. Commitments of Traders (CFTC)

ScotiaMocatta. Commitments of Traders (CFTC) contracts (s) contracts (s) gold (spot) ScotiaMocatta itments of Traders (CFTC) Trading Contacts Reuters MMCN or (212)2-62 Stephen Abbriano Stephen.Abbriano@scotiabank.com Robert Lockwood Robert.Lockwood@scotiabank.com

More information

European Freight Forwarding Index

European Freight Forwarding Index European Freight Forwarding Index 14 January 13 Erik Bergöö erbe@danskebank.dk +45 45 12 36 Søren Toft stof@danskebank.dk +45 45 12 53 Important disclosures and certifications are contained from page 12

More information

Research Commodities El Niño returns grains and soft commodities at risk

Research Commodities El Niño returns grains and soft commodities at risk Investment Research General Market Conditions 20 May 2015 Research Commodities El Niño returns grains and soft commodities at risk Meteorologists now agree that El Niño has arrived and project that it

More information

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):

More information

European Freight Forwarding Index

European Freight Forwarding Index European Freight Forwarding Index Volume development in January 14 Erik Bergöö erbe@danskebank.dk +45 45 12 36 Philip Levin phle@danskebank.dk +45 26 19 26 17 Important disclosures and certifications are

More information

For Required Non-U.S. Analyst and Conflicts Disclosures, please see page 8. Exhibit 1: Average 3mo/6mo/1yr returns following a federal election

For Required Non-U.S. Analyst and Conflicts Disclosures, please see page 8. Exhibit 1: Average 3mo/6mo/1yr returns following a federal election RBC Dominion Securities Inc. Javed Mirza, CFA, CMT (Analyst) (416) 842-8744 javed.mirza@rbccm.com October 19, 2015 Elections and Equity Markets A Canadian Perspective Summary The latest advance polls tracking

More information

PETROLEUM WATCH September 16, 2011 Fossil Fuels Office Fuels and Transportation Division California Energy Commission

PETROLEUM WATCH September 16, 2011 Fossil Fuels Office Fuels and Transportation Division California Energy Commission PETROLEUM WATCH September 16, 2011 Fossil Fuels Office Fuels and Transportation Division California Energy Commission Summary As of September 14, retail regular-grade gasoline prices in California increased

More information

DO WE NEED MORE STORAGE IN EUROPE?

DO WE NEED MORE STORAGE IN EUROPE? DO WE NEED MORE STORAGE IN EUROPE? 25-26 April 212 Dr Thierry Bros Phone: 33 ()1 58 98 11 7 Important Notice: The circumstances in which this publication has been produced are such that it is not appropriate

More information

Energy Daily. Energy Daily Outlook. Market Commentary. Daily Close Price Changes

Energy Daily. Energy Daily Outlook. Market Commentary. Daily Close Price Changes Energy Daily Energy Daily 07 January 2016 Brought to you by Phillip Futures Pte Ltd (A member of PhillipCapital) Daily Close Price Changes Product (NYMEX) 6-Jan 1d chg % Change WTI Feb'16 33.97-2 -5.9%

More information

Energy Daily. Energy Daily Outlook. Market Commentary. Daily Close Price Changes

Energy Daily. Energy Daily Outlook. Market Commentary. Daily Close Price Changes Energy Daily Energy Daily 22 October 2015 Brought to you by Phillip Futures Pte Ltd (A member of PhillipCapital) Daily Close Price Changes Product (NYMEX) 21-Oct 1d chg % Change WTI Dec'15 45.2-1.09-2.4%

More information

Trends and Technology A Capital Markets Perspective

Trends and Technology A Capital Markets Perspective EQUITY I RESEARCH Trends and Technology A Capital Markets Perspective RBC Capital Markets, LLC Jonathan Atkin (Analyst) (415) 633-8589 jonathan.atkin@rbccm.com January 2013 All values in U.S. dollars unless

More information

Canadian Life Insurance Industry

Canadian Life Insurance Industry A.M. Best Company s 9 th Annual Insurance Market Briefing Canada Canadian Life Insurance Industry Edward Kohlberg, CPA, FLMI Senior Financial Analyst Richard McMillan Senior Financial Analyst September

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

IMM Positioning IMM positioning: Still room for short sterling positions

IMM Positioning IMM positioning: Still room for short sterling positions Investment Research General Market Conditions 25 February 213 IMM Positioning IMM positioning: Still room for short sterling positions The latest IMM data covers the week from 11 February to 19 February.

More information

Bond markets vote for global recovery

Bond markets vote for global recovery Bond markets vote for global recovery Weekly Market View 11 May 2015 1 % Euro area recovery, oil rebound lead to bond sell-off German bund yields recovered from record low levels, leading a surge in global

More information

ICICI Securities Limited BPCL (BHAPET) Subsidy burden drags bottomline in the red. Result Update. Valuation WHAT S CHANGED.

ICICI Securities Limited BPCL (BHAPET) Subsidy burden drags bottomline in the red. Result Update. Valuation WHAT S CHANGED. Result Update Rating matrix Rating : Hold Target : 727 Target Period : 12-15 months Potential Upside : 6% Key Financials ( Crore) FY1 FY11E FY12E FY13E Revenues 122359.9 151625.2 186429.1 183147.7 EBITDA

More information

Walmex. Equity Research. 4Q15 A miss, no signs of operating leverage. BTG Pactual Global Research

Walmex. Equity Research. 4Q15 A miss, no signs of operating leverage. BTG Pactual Global Research Equity Research BTG Pactual Global Research Walmex 4Q15 A miss, no signs of operating leverage Strong topline. EBITDA and earnings ~15% below expectations For 4Q15, Walmex posted a 12.7% y/y total sales

More information

Short-Term Energy Outlook Market Prices and Uncertainty Report

Short-Term Energy Outlook Market Prices and Uncertainty Report July 2014 Short-Term Energy Outlook Market Prices and Uncertainty Report Crude Oil Prices: After an upward move in mid-june, crude oil prices retreated close to previous levels. The North Sea Brent front

More information

2018-04 SEK ING Sprinter Sverige ING Bank NV (NL) 20 Units Outperformance Bonus Certificates linked to OMX due 2018-04

2018-04 SEK ING Sprinter Sverige ING Bank NV (NL) 20 Units Outperformance Bonus Certificates linked to OMX due 2018-04 2018-04 SEK ING Sprinter Sverige ING Bank NV (NL) 20 Units Outperformance Bonus Certificates linked to OMX due 2018-04 Product Description This 5YR SEK Outperformance Bonus Certificate is linked to the

More information

Managed Money Positioning: Commodities Covering the week ending May 17, 2016

Managed Money Positioning: Commodities Covering the week ending May 17, 2016 Managed Money Positioning: Commodities Covering the week ending May 17, 216 Ole S. Hansen Head of Commodity Strategy Source: Bloomberg & Saxo Bank 17-May-16 Long Change Short Change Net position Net Change

More information

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION 30-Apr-2004 28.35 29.00 28.20 28.46 28.55 03-May-2004 28.50 28.70 26.80 27.04 27.21 04-May-2004 26.90 26.99 26.00 26.00 26.38 05-May-2004 26.05 26.69 26.00 26.35 26.34 06-May-2004 26.31 26.35 26.05 26.26

More information

2006 Municipal Outlook

2006 Municipal Outlook 2006 Municipal Outlook Economics and Demographics and Municipal Yields May 11, 2006 This report has been prepared by UBS Financial Services Inc. Contents Economics: Transition to Slower Growth...3 Monetary

More information

Copel. Equity Research. Weak Q1 results. BTG Pactual Global Research. Latin America Electric & Other Utilities Company Note 13 May 2016

Copel. Equity Research. Weak Q1 results. BTG Pactual Global Research. Latin America Electric & Other Utilities Company Note 13 May 2016 Equity Research BTG Pactual Global Research Copel Weak Q1 results Adjusted EBITDA of R$551mn Copel reported weak Q1 numbers, with net revenues of R$3.1bn and EBITDA of R$480mn, a miss to our R$575mn figure.

More information

City of London Investment Group. Market conditions negatively affect FuM. Lowering Target Price

City of London Investment Group. Market conditions negatively affect FuM. Lowering Target Price Canaccord Genuity Limited (UK) UK Equity Research 15 February 2016 BUY unchanged Market conditions negatively affect FuM PRICE TARGET from 400p Price (12-Feb) Ticker 265-380 0.03 72.5 25.3 2014A 2015A

More information

Keeping Our Options Open: Markets for Canadian Crude and the Pipeline Dilemma

Keeping Our Options Open: Markets for Canadian Crude and the Pipeline Dilemma Keeping Our Options Open: Markets for Canadian Crude and the Pipeline Dilemma Trisha Curtis, Research Analyst Energy Policy Research Foundation, Inc. (EPRINC) CERI Oil Conference 2012 April 23 rd, 2012

More information

DKK: Central Bank Preview

DKK: Central Bank Preview DKK: Central Bank Preview July 2012 Kasper Kirkegaard Senior Strategist +45 45 13 70 18 kaki@danskebank.com Lars Tranberg Rasmussen Senior Strategist +45 45 12 85 34 laras@danskebank.com Anders Møller

More information

Daily Close Above 1.1116 Would Signal More Protracted Retracement Phase

Daily Close Above 1.1116 Would Signal More Protracted Retracement Phase 12 June 2009 USD/CAD on Verge of Bullish Trend Reversal Global FX Strategy George Davis, CMT Chief Technical Analyst RBC Dominion Securities Inc. +1 416 842 6633 george.davis@rbccm.com Daily Close Above

More information

Oil & Gas Market Outlook. 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016

Oil & Gas Market Outlook. 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016 Oil & Gas Market Outlook 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016 Challenging Market Environment Concerns that global economic growth will slow and reduce global oil and natural

More information

Petrel Energy Ltd. This report is intended for CCMInternalDistribution@clarksons.com. Unauthorized redistribution of this report is prohibited.

Petrel Energy Ltd. This report is intended for CCMInternalDistribution@clarksons.com. Unauthorized redistribution of this report is prohibited. Exploration and Production Equity Research July 30, 2013 Crikey! Aussie Microcap Exploring Unconventional Resources on 3 Continents The smallest of our coverage companies, with exploration assets in Uruguay,

More information

Trade Cost and Trade Flows MSCI World and MSCI North America constituents saw another month of net outflow from the resources sector

Trade Cost and Trade Flows MSCI World and MSCI North America constituents saw another month of net outflow from the resources sector April 213 contact Asia Pacific +852.2846.35 Canada +1.416.874.9 EMEA +44.2.767.4 United States +1.212.588.4 info@itg.com www.itg.com Trade Cost and Trade Flows MSCI World and MSCI North America constituents

More information

An Update on Gasoline Prices and Oil Supply & Demand Trends

An Update on Gasoline Prices and Oil Supply & Demand Trends An Update on Gasoline Prices and Oil Supply & Demand Trends April 4, 2012 Howard Gruenspecht - Acting Administrator U.S. Energy Information Administration Independent Statistics & Analysis www.eia.gov

More information

AUD/USD Exchange Rate Outlook

AUD/USD Exchange Rate Outlook AUD/USD Exchange Rate Outlook Richard Grace Chief Currency and Rates Strategist & Head of International Economics +(612) 9117 0080 richard.grace@cba.com.au March 2015 Outlook for AUD/USD Exchange Rate

More information

Median and Average Sales Prices of New Homes Sold in United States

Median and Average Sales Prices of New Homes Sold in United States Jan 1963 $17,200 (NA) Feb 1963 $17,700 (NA) Mar 1963 $18,200 (NA) Apr 1963 $18,200 (NA) May 1963 $17,500 (NA) Jun 1963 $18,000 (NA) Jul 1963 $18,400 (NA) Aug 1963 $17,800 (NA) Sep 1963 $17,900 (NA) Oct

More information

Gujarat State Petronet Ltd. INR 135

Gujarat State Petronet Ltd. INR 135 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Oil & Gas RESULT UPDATE Gujarat State Petronet Ltd. INR 135 Growth in volumes to propel earnings Accumulate Gujarat

More information

Flash Comment Euro area: resilient PMIs the recovery should continue

Flash Comment Euro area: resilient PMIs the recovery should continue Investment Research General Market Conditions 23 August 2016 Flash Comment Euro area: resilient PMIs the recovery should continue The euro area PMI figures for August were little changed compared with

More information

Your vision. Let s make it happen.

Your vision. Let s make it happen. Your vision. Let s make it happen. CORPORATE AND INVESTMENT BANKING CAPITAL MARKETS COMMERCIAL BANKING TRANSACTION BANKING TRADE FINANCE Creating opportunities Strength and stability, far and wide Scotiabank

More information

Bright Smart (1428 HK)

Bright Smart (1428 HK) Equity Research Financials Bright Smart (1428 ) Hold (initiation) Target price: $1.70 Local broker with high ROE; initiate at Hold Local broker with expansion ambition Bright Smart is a securities, commodities

More information

Stock Market Indicators: Historical Monthly & Annual Returns

Stock Market Indicators: Historical Monthly & Annual Returns Stock Market Indicators: Historical Monthly & Annual Returns July 31, 1 Dr. Edward Yardeni 51-97-73 eyardeni@ Joe Abbott 7397-53 jabbott@ Please visit our sites at blog. thinking outside the box Table

More information

2014 EXPIRATION CALENDAR PRODUCTS

2014 EXPIRATION CALENDAR PRODUCTS 204 EXPIRATION CALENDAR PRODUCTS As the world s largest and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. In 2008, NYMEX became part of CME Group. Together, we

More information

ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE

ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE ab UBS Investment Research Market View Market Outlook: Optimistic but Realistic Global Rebalancing A falling dollar and rising energy prices took a toll on stock market performance the S&P 500 fell 3.81%

More information

IntercontinentalExchange. Credit Suisse Financial Services Forum February 7, 2008

IntercontinentalExchange. Credit Suisse Financial Services Forum February 7, 2008 IntercontinentalExchange Credit Suisse Financial Services Forum February 7, 2008 Forward-Looking Statements Forward-Looking Statements This presentation may contain forward-looking statements made pursuant

More information

Crude Oil Price Decline. January 2015

Crude Oil Price Decline. January 2015 Price Decline January 2015 Crude Oil Prices in the U.S. West Texas Intermediate Crude Oil Spot Price - 2014 $120 $110 $100 The price of WTI fell 49% in the second half of 2014 $90 $80 $70 $60 $50 $40 Dec-14

More information

ASEAN Weekly Wrap. Indonesia fiscal deficit revised higher to 2.35% of GDP. Economic Update

ASEAN Weekly Wrap. Indonesia fiscal deficit revised higher to 2.35% of GDP. Economic Update Indonesia fiscal deficit revised higher to 2.35% of GDP Thailand s imports unexpectedly rise, but exports declined Indonesia s revised budget has been approved by the Parliament, where the country s GDP

More information

US Labour Market Monitor July report set to attract much attention as both employment and growth have slowed in 2016

US Labour Market Monitor July report set to attract much attention as both employment and growth have slowed in 2016 Investment Research General Market Conditions 02 August 2016 US Labour Market Monitor July report set to attract much attention as both employment and growth have slowed in 2016 Jobs report preview We

More information

Quant Picks United Breweries

Quant Picks United Breweries October 6, 2015 Quant Picks United Breweries Research Analyst Amit Gupta amit.gup@icicisecurities.com Raj Deepak Singh rajdeepak.singh@icicisecurities.com Azeem Ahmad azeem.ahmad@icicisecurities.com i

More information

Wealth Management Research Americas Commercial Real Estate & Economic Overview

Wealth Management Research Americas Commercial Real Estate & Economic Overview CIO Wealth Management Research Wealth Management Research Americas Commercial Real Estate & Economic Overview Jonathan Woloshin, CFA Executive Director & Co-Head of Fundamental Research This report has

More information

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold Equity Research Financials Cinda (111 HK) Hold (Initiation) Target price: HK$1.55 Facing intense competition from Chinese brokers in HK; initiate at Hold China Cinda s international business platform Cinda

More information

Contents (Click on the topics)

Contents (Click on the topics) Contents (Click on the topics) 1. Recap 2. Physical Market Rates 3. Arrivals 4. Weather 5. Charts and Outlook 6. Disclaimer 1 Recap Indian markets NCDEX % Vol. Previous Close Open High Low % Volume Soybean

More information

THE UNIVERSITY OF BOLTON

THE UNIVERSITY OF BOLTON JANUARY Jan 1 6.44 8.24 12.23 2.17 4.06 5.46 Jan 2 6.44 8.24 12.24 2.20 4.07 5.47 Jan 3 6.44 8.24 12.24 2.21 4.08 5.48 Jan 4 6.44 8.24 12.25 2.22 4.09 5.49 Jan 5 6.43 8.23 12.25 2.24 4.10 5.50 Jan 6 6.43

More information

The Fuel and Vehicle Trends Report January 31, 2014

The Fuel and Vehicle Trends Report January 31, 2014 ISSN 1948-2388 The Fuel and Vehicle Trends Report This report is a summary of the latest fuel prices and other oil industry key statistics. In addition, this report provides the latest trends in vehicle

More information

WEG. Equity Research. Investor Day: Constructive message from management. Latin America Capital Goods Company Note 25 May 2015

WEG. Equity Research. Investor Day: Constructive message from management. Latin America Capital Goods Company Note 25 May 2015 Equity Research WEG Investor Day: Constructive message from management A player with continuing growth opportunities At its Investor Day event, WEG focused its presentation on the opportunities to ensure

More information

Toronto Trading Floor. Overview of Municipal Issuance

Toronto Trading Floor. Overview of Municipal Issuance Toronto Trading Floor Overview of Municipal Issuance March 6 th, 2013 I. Overview of Municipal Borrowing Municipal medium and longer term debt funding options include: Borrowing through their host provinces

More information

Commodities. Precious metals as an asset class. April 2011. What qualifies as an asset class? What makes commodities an asset class?

Commodities. Precious metals as an asset class. April 2011. What qualifies as an asset class? What makes commodities an asset class? Commodities Precious metals as an asset class April 2011 What qualifies as an asset class? Broadly speaking, an asset class is simply a grouping of assets that possess similar characteristics. Defining

More information

COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors

COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors Who can benefit from Commodity Structured Notes? Corporate or commercial clients looking to hedge commodity

More information

Global Markets Research COMMONWEALTH PROGRAMS. BUSINESS AS USUAL SCENARIO (% of GDP) UNDERLYING BUDGET BALANCE (% of GDP)

Global Markets Research COMMONWEALTH PROGRAMS. BUSINESS AS USUAL SCENARIO (% of GDP) UNDERLYING BUDGET BALANCE (% of GDP) Global Markets Research COMMONWEALTH PROGRAMS 6. Average annual growth to 223/24 (pa) Source: National Commission of Audit 4. 2. NDIS Childcare & Paid Parental Leave Schools Hospitals Job Seeker Income

More information

3/2/2016. Association of Equipment Management Professionals U.S. Economic and Market Outlook. Labor Market Solid. Job Quitting

3/2/2016. Association of Equipment Management Professionals U.S. Economic and Market Outlook. Labor Market Solid. Job Quitting Association of Equipment Management Professionals U.S. Economic and Market Outlook 34 th Management Conference and Annual Meeting Thursday, March 17, 2016 Jim Huntzinger, Chief Investment Officer BOK Financial

More information

Macroeconomic Research Brazil Public Finance

Macroeconomic Research Brazil Public Finance Macroeconomic Research Brazil Public Finance 17 June 2016 May Federal Tax Revenues Simply not good enough, and with no signs of steadying the ship Gabriel Barros gabriel.barros@btgpactual.com +55 21 3262

More information

Domestic ex-factory jet fuel price reduced by Rmb280/tonne

Domestic ex-factory jet fuel price reduced by Rmb280/tonne July 29, 2009 Sector Research Transportation Major Event Comment for the Aviation Sector Domestic ex-factory jet fuel price reduced by Rmb280/tonne CSI Research Department Ma Xiaoli Tel: 021-68762668 Email:

More information

FX SENTIMENT REPORT COMMITMENT OF TRADERS CFTC

FX SENTIMENT REPORT COMMITMENT OF TRADERS CFTC GLOBAL FX STRATEGY FX SENTIMENT REPORT COMMITMENT OF TRADERS CFTC Shaun Osborne Chief FX Strategist (416) 945 4538 Shaun.Osborne@sco abank.com Eric Theoret, CFA, CMT FX Strategist (416) 863 73 Eric.Theoret@sco

More information

Room XXVI Palais des Nations Geneva, Switzerland. Oil Market Outlook. Eissa B. Alzerma Oil Price Analyst Petroleum Studies Department, OPEC

Room XXVI Palais des Nations Geneva, Switzerland. Oil Market Outlook. Eissa B. Alzerma Oil Price Analyst Petroleum Studies Department, OPEC UNCTAD Multi-Year Expert Meeting on Commodities and Development 2013 Recent developments and new challenges in commodity markets, and policy options for commodity-based inclusive growth and sustainable

More information

Is a Family Office Right for You?

Is a Family Office Right for You? Is a Family Office Right for You? Family offices are created to help high net worth individuals or families manage their wealth. They offer customized services and support, which may include investment

More information

Oil Markets Update- October 2015

Oil Markets Update- October 2015 SICO Research November 23, - October Crude prices remain low in October led by oversupply and weak economic indicators October has been a volatile month for crude prices; Brent reached USD 53.05/bbl in

More information

In line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK

In line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK 28 Jan 15 28 Apr 15 28 Jul 15 28 Oct 15 DUBAI ISLAMIC BANK In line performance Results update 4Q2015 Banks UAE 28 January 2016 Dubai Islamic Bank s (DIB) reported net profit of AED865mn, in-line with our

More information

CONNECTICUT ENERGY PRICE REPORT

CONNECTICUT ENERGY PRICE REPORT CONNECTICUT ENERGY PRICE REPORT 5/26/ DENOTES FALLING PRICES COMPARED TO YEAR EARLIER DENOTES FLAT PRICES COMPARED TO YEAR EARLIER DENOTES RISING PRICES COMPARED TO YEAR EARLIER CONNECTICUT RETAIL CRUDE

More information

EIA s U.S. Crude Oil Import Tracking Tool: Selected Sample Applications

EIA s U.S. Crude Oil Import Tracking Tool: Selected Sample Applications EIA s U.S. Crude Oil Import Tracking Tool: Selected Sample Applications November 2014 Independent Statistics & Analysis www.eia.gov U.S. Department of Energy Washington, DC 20585 This report was prepared

More information

What does the Dow Jones-UBS Commodity Index track?

What does the Dow Jones-UBS Commodity Index track? Dow Jones-UBS Commodity Index FAQ What does the Dow Jones-UBS Commodity Index track? The Dow Jones-UBS Commodity Index is an index tracking the performance of a weighted group of exchange-traded futures

More information

Access to The Mexican Derivatives Exchange MexDer

Access to The Mexican Derivatives Exchange MexDer Access to The Mexican Derivatives Exchange MexDer Why Choose Scotiabank? Scotiabank is a founding clearing member and shareholder of MexDer. With a dedicated team of professionals, leading edge technology

More information

Equity Research. Lawmakers propose mandatory desalinization for miners. Chile Strategy. SectorNote 06 January 2014

Equity Research. Lawmakers propose mandatory desalinization for miners. Chile Strategy. SectorNote 06 January 2014 Equity Research Chile Strategy Chile Strategy SectorNote 06 January 2014 Lawmakers propose mandatory desalinization for miners Bill proposes change in Mining Code to make use of desalinization mandatory

More information

Terrafina. Equity Research. Terra kicks off acquisition spree with US$108m purchase. BTG Pactual Global Research. Latin America

Terrafina. Equity Research. Terra kicks off acquisition spree with US$108m purchase. BTG Pactual Global Research. Latin America Equity Research BTG Pactual Global Research Terra kicks off acquisition spree with US$108m purchase Terra signs binding agreement for US$108m acquisition The portfolio includes 17 industrial properties

More information

Cemex LatAm Holdings. Equity Research. 3Q15: Another disappointing quarter. BTG Pactual Global Research

Cemex LatAm Holdings. Equity Research. 3Q15: Another disappointing quarter. BTG Pactual Global Research Equity Research BTG Pactual Global Research Cemex LatAm Holdings 3Q15: Another disappointing quarter Revs of US$354m directly in line, EBITDA 6% below, Earnings -60% YoY On the back of a 35% YoY devaluation

More information

The Changing Relationship Between the Price of Crude Oil and the Price At the Pump

The Changing Relationship Between the Price of Crude Oil and the Price At the Pump In 2007, what goes up, does not necessarily come down... May 3, 2007 The Changing Relationship Between the Price of Crude Oil and the Price At the Pump Prepared by: Tim Hamilton Petroleum Industry Consultant

More information

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight

More information

Kinder Morgan Splitter Runs at 71% Throughput on Weak Margins BP reduces processing to limit downside.

Kinder Morgan Splitter Runs at 71% Throughput on Weak Margins BP reduces processing to limit downside. ? Kinder Morgan Splitter Runs at 71% Throughput on Weak Margins BP reduces processing to limit downside. Morningstar Commodities Research Sept. 6, 2016 Sandy Fielden Director, Oil and Products Research

More information

Mixed Results During a Challenging Year

Mixed Results During a Challenging Year 6 January 2009 Short-Term Technical FX Global FX Strategy George Davis, CMT Chief Technical Analyst Dominion Securities Inc. +1 416 842 6633 george.davis@rbccm.com Mixed Results During a Challenging Year

More information

Palangana expansion fully permitted; Burke Hollow receives disposal well permit. Associate: Michael Wichterle, MBA,

Palangana expansion fully permitted; Burke Hollow receives disposal well permit. Associate: Michael Wichterle, MBA, Equity Research Price (C$) Volume (M) May 27, 2015 Research Update URANIUM ENERGY CORP. Palangana expansion fully permitted; Burke Hollow receives disposal well permit EVENT Uranium Energy Corp. announced

More information

Nationalbanken preview and DKK update

Nationalbanken preview and DKK update Nationalbanken preview and DKK update Jens Nærvig Pedersen Analyst Danske Bank Markets jenpe@danskebank.dk +45 45 12 80 61 Anders Vestergård Fischer Analyst Danske Bank Markets afis@danskebank.dk +45 45

More information

Investment Style Guide

Investment Style Guide Investment Style Guide September 17, 16 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-36 jabbott@ Please visit our sites at www. blog. thinking outside the box Table Of Contents Table Of

More information

FOMC preview Fed set to keep door open for a June hike

FOMC preview Fed set to keep door open for a June hike Investment Research General Market Conditions 14 March 2016 FOMC preview Fed set to keep door open for a June hike We expect the Fed to keep the Fed funds target rate unchanged at 0.25-0.50% at this week

More information

TRADING GERMAN POWER BY USING A CLIMATE SPREAD SIGNAL

TRADING GERMAN POWER BY USING A CLIMATE SPREAD SIGNAL DATE 19/01/2012 TRADING GERMAN POWER BY USING A CLIMATE SPREAD SIGNAL Research Seminar THE BEHAVIOR OF CARBON PRICES HEC Energy & Finance Chair and CDC Climat Paris, 27 January 2012 Carine Hemery (33)

More information

Managed Money Positioning: IMM Currency futures Covering the week ending November 29, Ole S. Hansen Head of Commodity Strategy

Managed Money Positioning: IMM Currency futures Covering the week ending November 29, Ole S. Hansen Head of Commodity Strategy Managed Money Positioning: IMM Currency futures Covering the week ending November 29, 216 Ole S. Hansen Head of Commodity Strategy Overview 29-Nov-16 Long Change Short Change Net Net Chg. Net Net Chg.

More information

South Dakota Public Funds Investment Trust (FIT) Fixed Rate Investment Options & Services

South Dakota Public Funds Investment Trust (FIT) Fixed Rate Investment Options & Services South Dakota Public Funds Investment Trust (FIT) Fixed Rate Investment Options & Services FIT Fixed Rate Account Service Features Free multiple accounts Free electronic transfers Online access to account

More information

Industry Note Equity Research June 28, 2016

Industry Note Equity Research June 28, 2016 Metals & Minerals Uranium spot prices tick higher; FIP dips The Ux Consulting (UxC) spot uranium price increased $0.85/lb, or +3.3%, last week to $27.00/lb. The June month-end term price remains at $41.00/lb.

More information

The Global Consulting Mergers & Acquisitions Report Growing equity, realizing value

The Global Consulting Mergers & Acquisitions Report Growing equity, realizing value The Global Consulting Mergers & Acquisitions Report 2015 Growing equity, realizing value The Global Consulting Mergers & Acquisitions Report 2015 2 The Global Consulting Mergers & Acquisitions Report 2015

More information

Decoding the Financial World

Decoding the Financial World Decoding the Financial World The collapse of Lehman Brothers heralded the beginning of 2008 financial crisis that affected every one of us directly or indirectly. Yet, mystery of the financial world remains

More information

Fifth IEA-IEF-OPEC Symposium on Energy Outlooks

Fifth IEA-IEF-OPEC Symposium on Energy Outlooks Fifth IEA-IEF-OPEC Symposium on Energy Outlooks Session III: Uncertainties in coping with appropriate investment decisions Harry Tchilinguirian, Global Head of Commodity Strategy Direct Tel: +44 (0) 20

More information

340B DISCOUNT DRUG PROGRAM OVERVIEW

340B DISCOUNT DRUG PROGRAM OVERVIEW 340B DISCOUNT DRUG PROGRAM OVERVIEW March 2014 Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which

More information

INVESTOR PRESENTATION

INVESTOR PRESENTATION INVESTOR PRESENTATION 2015 LPNs: Consent Solicitation February 2015 Disclaimer IMPORTANT: The information contained herein includes forwardlooking statements. All statements regarding the financial condition

More information

Brazil: FX and Capital Markets Highlights of the Week

Brazil: FX and Capital Markets Highlights of the Week Brazil: FX and Capital Markets Highlights of the Week Monday, October 1, 13 Non-Residents Reduce Their Long Positioning in Dollar Futures The Brazilian real continued its appreciation path The temporary

More information

Lojas Americans / B2W

Lojas Americans / B2W Equity Research BTG Pactual Affiliate Research Banco BTG Pactual S.A. Brazil Retailers, Broadline SectorNote 26 August 2015 Financial services optionality could add R$1 to our TP Partnership with BradesCard

More information

The Investment Outlook: Challenges and Opportunities

The Investment Outlook: Challenges and Opportunities The Investment Outlook: Challenges and Opportunities Jim O Neill Chairman, Goldman Sachs Asset Management This information discusses general market activity, industry or sector trends, or other broad-based

More information

Increasing Product Exports: It s a New Ball Game for the U.S. Platts North American Refining and Trading Conference Houston, Texas May 22, 2012

Increasing Product Exports: It s a New Ball Game for the U.S. Platts North American Refining and Trading Conference Houston, Texas May 22, 2012 Increasing Product Exports: It s a New Ball Game for the U.S. Platts North American Refining and Trading Conference Houston, Texas May 22, 2012 Baker & O Brien, Inc. All rights reserved. Overview Recent

More information

Short-Term Energy Outlook Market Prices and Uncertainty Report

Short-Term Energy Outlook Market Prices and Uncertainty Report February 2016 Short-Term Energy Outlook Market Prices and Uncertainty Report Crude Oil Prices: The North Sea Brent front month futures price settled at $34.46/b on February 4 $2.76 per barrel (b) below

More information

CURRENCY HEDGED INDEXES

CURRENCY HEDGED INDEXES INVESTOR INSIGHT CURRENCY HEDGED INDEXES Why Do They Matter? March 2015 CURRENCY HEDGED INDEXES Currency exposure has substantially impacted the performance and the volatility of global equity indexes

More information

NATURAL GAS UP ON BULLISH EIA STORAGE REPORT

NATURAL GAS UP ON BULLISH EIA STORAGE REPORT Daily Letter 1 Energy -- Oil and Gas, Exploration and Production John Gerdes 1.713.331.9443 jgerdes@canaccordgenuity.com NATURAL GAS UP ON BULLISH EIA STORAGE REPORT Storage overview The EIA reported an

More information

TECHNICAL SCOOP CHART OF THE WEEK Charts and commentary by David Chapman January 10, 2014

TECHNICAL SCOOP CHART OF THE WEEK Charts and commentary by David Chapman January 10, 2014 TECHNICAL SCOOP CHART OF THE WEEK Charts and commentary by David Chapman January 10, 2014 26 Wellington Street East, Suite 900, Toronto, Ontario, M5E 1S2 phone (416) 604-0533 or (toll free) 1-866-269-7773,

More information

Presentation on Results for the 2nd Quarter FY 2015. Idemitsu Kosan Co.,Ltd. November 4, 2015

Presentation on Results for the 2nd Quarter FY 2015. Idemitsu Kosan Co.,Ltd. November 4, 2015 Presentation on Results for the 2nd Quarter FY 2015 Idemitsu Kosan Co.,Ltd. November 4, 2015 Table of Contents 1. 2 nd Quarter FY 2015 Financials (1) Overview (2) Segment Information (3) Streamlining 2.

More information

Lojas Americanas. Equity Research. B&M as resilient as it gets; B2W s bottom line hurt results

Lojas Americanas. Equity Research. B&M as resilient as it gets; B2W s bottom line hurt results B&M as resilient as it gets; B2W s bottom line hurt results 7.1% SSS for 4M16 is a highlight in our coverage universe Lojas Americanas' top line advanced 13% in Q1, helped by easy comps on Easter (the

More information

Lojas Americanas. Equity Research. Better than expected B&M results; B2W hurts bottom line

Lojas Americanas. Equity Research. Better than expected B&M results; B2W hurts bottom line Better than expected B&M results; B2W hurts bottom line Bold SSS print in 1H15 despite challenging macro landscape Lojas Americanas (B&M) posted 5% top line growth in Q2 impacted by the Easter calendar

More information