TSLA
Tesla
-- 403.840 NVDA
NVIDIA
-- 134.290 MSTR
MicroStrategy
-- 289.620 FFIE
Faraday Future Intelligent Electric Inc.
-- 2.4300 AMD
Advanced Micro Devices
-- 120.790 Midstream Energy | Earnings expected in 2023
We're positive on midstream in 2023 due to solid fundamentals, strong FCF and attractive cash returns to shareholders. And with China reopening and strong European demand, U.S. LNG exports will remain strong, recommend LNG,TRG,EPD,ET,PAA.
1. Strong US LNG on robust Europe demand and low US prices. U.S. LNG exports will remain strong as Europe seeks to displace Russian gas supplies. As China reopens, there could be upward pressure on global LNG prices.
Figure 1: Natural Gas Price Trends
2. NGL Demand Recovery. We expect a rebound in NGL fundamentals in 2023 (including NGL prices and US LPG exports), as global petchem demand improves driven by a reopening of China.
Figure 2: Correlation between Crude Oil and Oil and Midstream Index
Figure 3: U.S. Natural Gas Liquids Fundamentals (Production, Exports, Ethane Demand )
3. Permian gas pipeline bottlenecks could constrain oil supply growth. We expect Permian oil supply growth to disappoint relative to expectations due to a lack of gas takeaway capacity.
Figure 4: Oil and gas supply in the Permian Basin
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