BofAML: Global Energy Weekly | The Flow Show

The Flow Show: Once Bitten, Twice Shy •   Investors greet US tax reform passage with widespread redemptions •   Fall in B&B to 6.1 + reversal of "Trump Trade" flows supports on-going risk-on trade in Q1 2018 •   Direction/magnitude of 10yr Treasury moves to determine optimal portfolio

Global Energy Weekly: North America’s growing pains

•   Pipe disruptions have pushed WCS oil prices below $30/bbl and surging Permian supply has led to a Brent-WTI spread of $6/bbl
•   With Saudi hinting at a slow exit from the OPEC supply deal, we expect the US and Canada output to grow by 3.8mn b/d by 2022
•   If North America delivers 80% of incremental non-OPEC gains in the next five years, basis risks could remain very pronouced