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Morning Notes — Outlook


April 13, 2022

We keep our value sector bias when adding equity exposure with Energy outperformance in early innings.  OPEC+ has been under-producing for the past 3 quarters with seemingly structural production outages due to underinvestment.  In February, OPEC+ production undershot quotas by 900,000bbls/day.  In March, OPEC+ missed production quotas by 1.4Mbbs/day. Lower Russian production only adds to an already tight market, recent SPR releases only support a higher LT risk premium and LNG looks like the white knight to solve Europe’s energy deficits.

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