Morning No EPS note

By Paul Sankey Published on October 29, 2020 at 7:51 AM

SHANGHAI, Oct 29 (Reuters) – China’s major state-owned banks have been swapping U.S. dollars for yuan this week, traders said on Thursday, suggesting monetary authorities are trying to rein in the sharply appreciating currency. Those operations in the onshore currency swap market have caused the value of the yuan to fall in the forwards market, tamping expectations that it will appreciate further and simultaneously making it more expensive for investors to borrow yuan. Two other […]

Morning Iran

By Paul Sankey Published on October 28, 2020 at 9:26 AM

Iran – clients are asking, naturally worried that 1mb/d+ of oil exports will be added to glutted markets in the case of a Biden win. Comments on Foreign Policy under Biden below. Noted Enterprise posts good results. $EPD has been one of our few recommendations these past months. We have particularly highlighted the units to investors questioning ExxonMobil’s 10% yield, that $EPD offers a higher yield, with a more focused, secular-bull business model (see our […]

Morning Hess & Oxy

By Paul Sankey Published on July 29, 2020 at 9:05 AM

News and debate around Oxy and Hess today, has us pondering NAV, especially in Guyana, but also in UAE and Algeria. Global Oils, we got ’em. Continue reading