目录：
Overview: A compelling time to invest ...............................................................................................1

Price performance ..................................................................................................................................4
Summary of energy themes..................................................................................................................8
Commodities ............................................................................................... 15
Oil: Oil price risk – The pendulum swings higher ............................................................................16
Geopolitics: Cruel summer ..................................................................................................................23
LNG: Tightness set to peak in 2014 ...................................................................................................28
US Natural Gas: Cool summer ............................................................................................................32
US Power: Shifting dynamics ..............................................................................................................36
Credit ............................................................................................................. 41
US High Grade Energy and Pipelines: Round and round we go ...................................................42
US High Grade Electric Utilities: Robust supply expected through year-end .............................43
US High Yield Energy: Rate backup leads to underperformance .................................................44
US High Yield Coal: Thermal fundamentals improve, but met pricing weighs
on domestic producers ........................................................................................................................45
European High Grade Energy: Deleveraging and operational recovery, but limited
ratings upside ........................................................................................................................................46
European High Grade Utilities: Fundamentals remain under pressure .......................................47
EM Credit: Russia Oil & Gas: Attractive fundamentals and valuations ........................................48
EM Credit: LatAm Oil & Gas: Intense capital needs ........................................................................49
Asia High Yield Coal: Starting to sizzle ..............................................................................................50
Asia High Grade Energy: Stable credit ratings but active bond supply .......................................51
Asia High Grade Utilities: Government support underpins credit ratings...................................52
Equities ......................................................................................................... 53
Americas Integrated Oil: Prefer COP and the Canadian Integrateds ...........................................54
European Integrated Oil: Emerging signs of recovery ....................................................................57
Asia Ex-Japan Oil & Gas: An unprecedented oil services cycle and energy reforms ahead .....60
CEEMEA Oil & Gas: Outside help required ........................................................................................66
US Exploration & Production: Stay focused on oil volume growth ..............................................69
Canadian Exploration & Production (Large-Cap): Preference for quality and integration ......72
Canadian Exploration & Production (Mid-Cap): Near-term natural gas headwinds ................74
European Exploration & Production: An attractive entry point ....................................................76
Israel Exploration & Production: Upstream is where the upside is in 2014 ................................78
US Independent Refiners: Long-term thesis remains unchanged; buying opportunity after
recent sell-off .........................................................................................................................................80
European Independent Refiners: No signs of a recovery ...............................................................84
US Oil Services & Drilling: The mega cycle rolls on .........................................................................86
European Oil Services & Drilling: Still positive, despite weakened sentiment ............................89
US Coal: Be selective .............................................................................................................................93
Asia Ex-Japan Metals & Mining: Coal – demand/supply dynamics improving ..........................95
North America Regulated Utilities and US Power: Location, location, location for Power;
Valuations likely widen for Regulated Utilities .............................................................................. 100
European Utilities: Not all that bad ................................................................................................. 102
India Utilities: Fuel supply issues, uncertain return profiles, defensive stocks preferred ...... 106
Equity Valuation Table ..............................................................................109
Contacts .....................................................................................................142