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Negative WTI Futures and Philosophical Musings

We haven't been writing a lot lately because work from home is hard. Somewhat amusing, I was supposed to meet a friend somewhere in December and we decided on Wuhan. She later decided that she did not want to meet up and went to California. My AMEX concierge then cancelled my

Where is the S&P 500 and Where Will It Be in 6/12/18 Months – Part I

Answering Market Questions in S&T/Investment Banking Interviews 2019 We get asked a lot by people who are interviewing for sales and trading (and investment banking, as MDs like to see if students know what is going on in the markets, can speak to the underlying factors and develop a view). We

The Sky Is Falling

The stock market has fallen a lot and people are worried about all of the news items that have been popping up. Is the 9 year bull market over? The news items are scary - here are a few to summarize in case you get asked why markets are falling for

Why Are Canadian Oil & Gas Companies Down?

This runup in oil prices has resulted in energy companies across the globe seeing their stock prices rise as cash flow expectations ramp up. However, Canadian energy companies have lagged global peers and for some names – gas producers in particular - dropped precipitously during this same time period. The reason

February 2018 Oil Price Update

This week, everything is down – stocks, bonds, commodities and Bitcoin have all been hit hard by the return of volatility, with no safe havens (ironically, Snapchat and Twitter did very well). This sell off was not in line with economic data, which was broadly positive throughout the week. Consumers are

The Oil Futures Curve

Oil Futures Curve Overview Looking at the futures curve for major oil benchmarks such as WTI or Brent is important for oil and gas investors (both debt and equity) and speculators or physical oil traders. The front end/short end of the curve is more politically driven and will fluctuate based on

Macro Brief for Interviews: Oil and Interest Rates

As a continuation of our last macro post and knowing that investment banking interviews continue to include more macroeconomic questions to separate engaged candidates from brainless, preppy kids who have memorized the Vault guide, we are going to touch upon some of the more popular themes right now for major

A Ceiling on the Recent Oil Price Run Up

Oil glut moved to gasoline or stored in tankers

Oil has been steadily rising the last few weeks, with the Canadian dollar strengthening in tandem. Market talking heads have been calling a return to $65 or $70 oil as OPEC effectively “rebalances” the market with cuts, theoretically a smart way to capture more money from oil buyers while existing