Stephen Smith Energy Associates

                                                        Energy Investment Research

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Monthly Energy Macro 

This publication focuses on monthly analysis of developments in natural gas and oil markets at the macro level.   This publication was "spun off" from the Monthly Energy Outlook (MEO) in May 2003 to meet the needs of those with a primary interest in macro analysis without the specifics of company valuation.

       Supply, demand and inventory situation in global oil markets; OPEC politics; outlook for  oil prices for the year ahead  (30%)

       Supply, demand and inventory situation in North American gas markets and outlook for gas prices for the year ahead  (70%).