About Us
Queen Anne's Gate Capital "QAG"
QAG is a macroeconomic research and consulting firm with a commodity focus. QAG’s team combines fundamental research, insight into physical markets and a risk management overlay to identify opportunities in the commodity investment space.
QAG differs from other consulting firms as our research is enhanced by over 20 years of macro investing and commodity market portfolio management. Founded by Kathleen Kelley in 2015, the firm has unique access to producers and consumers and the ability to interpret data from physical markets which is then incorporated into our financial models and results in a differentiated commodity forecast. Kathleen is supported by Nancy O’Flynn, a seasoned investment professional with significant buy and sell side experience in the macro/ commodity sectors.
QAG offers clients the option of daily and weekly research reports, consulting services and bespoke projects on individual commodity market outlooks and advisory work as requested.
Daily Oil Market Report
Daily Oil Market Report is distributed each afternoon and summarizes the key data, themes, activity, and investor sentiment for the oil market. This report is intended to be a mandatory one-stop report for oil producers, service providers and companies exposed to the gyrations in oil prices. Here executives will find the relevant data to understand what is driving markets all in a concise, comprehensive summary.
Daily Macro Recap
Daily Macro Recap is distributed each morning and highlights recent macroeconomic developments that will drive markets. This report provides a quick insight into important economic releases, political matters, policy developments and upcoming events that will impact commodity, currency, and fixed income trading. It is curated to filter out the noise and provide relevant context on all things “macro”.
Weekly Oil Market Update
Weekly Oil Market Update is an in-depth analysis of oil market agency reports, including weekly DOE reports, EIA STEO and PSM, IEA OMR and OPEC MOMR. Models compliance for OPEC+ nations, and production for US and other major producers. Offers unique insight into global production trends, investor behaviour and demand trajectory and sensitivity to macro factors.
Weekly Renewables Update
Weekly Renewables Update highlights a different area of the Renewables space each week and succinctly summarizes corporate and government announcements in the transition to a zero-carbon world. This report analyses developments in carbon pricing in Europe and other traded markets, clean energy portfolios and their components, and investor flows. Additionally, it dives into developments in the transportation space and the impact of the energy transition on transportation.
Weekly Commodity Update
Weekly Commodity Update outlines the comprehensive “macro story” for commodities, whether bullish or bearish, includes detailed individual sector themes (Macro, Metals, Ags, Energies, Oil, Natural Gas), positioning, sentiment, and fundamental changes in balances for commodity sectors.
Why QAG Commodity Research?
- QAG’s advises some of the world’s largest asset management firms, commodity producers and consumers, oil and natural gas companies, hedge funds and OPEC members on their commodity risks and exposures.
- During OPEC meetings, QAG delivers real time updates from Vienna, enabling clients to prepare for the outcome and market impact.
- QAG provides advisory work to the largest OPEC producers and has been active in OPEC negotiations, providing clients with unique insight.
BIO - Kathleen Kelley, Founder and CEO
Prior to launching the research firm in 2015, Ms. Kelley ran a commodity focused global macro hedge fund of the same name. She is a frequent guest on CNBC and Bloomberg Television, and has been cited in such publications as the WSJ, Institutional Investor and Futures Magazine. Ms. Kelley has spent more than 25 years in global macro research and portfolio management within firms such as Kingdon Capital Management, Vantis Capital and Tudor Investment Corporation. She holds a BA in economics with a minor in mathematics from Smith College and a General Course Degree from the London School of Economics in econometrics. Kathleen currently or has served on the North American Advisory Board of the London School of Economics, the Smith College Endowment Committee and a number of non-for-profit boards including Reserve and the Happy Hearts Fund. She is a co-founder of High Water Women.
BIO - Nancy O'Flynn, Senior Analyst
Nancy has over 25 years of investment experience on both the buy side and sell side, focusing on currencies, commodities, and fixed income. Prior to joining the firm, she helped launch the policy and political event driven hedge fund Lioness Capital. Before that, Ms. O’Flynn worked at Kingdon Capital for 16 years, as a Trader, and then Analyst for Ms. Kelley. Early in her career she worked Caxton Corporation, Goldman Sachs and WoodAllen Capital. She graduated from Stanford University with an AB in Human biology.
LBMA/LPPM Global Precious Metals Conference 2022
Podcasts and Press
"The Myths and Maths of Commodity Investing" Kathleen Kelley, Queen Anne's Gate Capital
David Osman of the IRF Podcast is joined by Kathleen Kelley of Queen Anne's Gate Capital to discuss "The Myths and Maths of Commodity Investing". Katheen Kelley, the CEO of Queen Anne’s Gate Capital, is a former commodities fund manager at Tudor Investment and Kingdon Capital. Kathleen is adamant we are not entering a commodity super cycle because every commodity comes with its own cycle and should be addressed individually. However, whilst some commodity markets, particularly metals, seem to be rolling over, energy markets should continue to rise and as an input to every other commodity this will provide a floor to commodities overall. We should expect the largest draw in oil inventory to come this quarter, leading to a sharp rise in crude oil prices, as demand outpaces supply. Supply remains constrained with OPEC being more disciplined and US companies respecting shareholder demands to return capital. Kathleen discusses her inflation expectations in relation to gasoline and gold prices, as well as China’s demand for metals and their determination to keep prices low to boost economic growth. She also talks about China’s new ESG strategy in terms of commodity production and her insights on soft commodities, which have much shorter cycles. Kathleen discusses coffee, sugar, cocoa, wheat, corn, soyabeans, and one of the most interesting markets vegetable oil with the increasing demand for biofuels. Link to podcast The IRF Podcast: "The Myths and Maths of Commodity Investing" Kathleen Kelley, Queen Anne's Gate Capital on Apple Podcasts
