23
Jul

Wrap – Week Ended 7/22/16

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The ZLT was off 1% last week and is up 26% in 2016. The XOP was off 1% and is up 13% YTD.  

The Trading Blotter is updated. 

2Q16 earnings season began with Service taking the lead (largely as expected - see comments under HAL, SLB, and CLB in this last week's posts or see the "So Far This Quarter" table in Friday's post.)

Also, the first of the gassy stalwart names, SWN, reporting a beat and more threw the company from Neutral to 5th gear, getting back to work (more rapidly than even they expected - see comments in last Friday's post). 

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Questions and comments under The Wrap will be addressed in the Monday post.  

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wrap 072216


22
Jul

Friday Morning – SWN, SLB, OII, and the Natural Gas Inventory Review

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Market Sentiment Watch: Busy day today as we have a number of reports from names we care about. As always we will have live notes from the calls when possible and notes later in the day for any overlapping calls. In today's post please find comments on SWN (reported better than expected 2Q16 volumes, upped guidance, and made the decision to add rigs back - exactly what we were looking for), comments on the 2Q16 quarterly releases for SLB (inline with a small EPS beat; tone is one of having reached the bottom with an expectation of clawing back some price concessions), OII (slight EPS miss, no light in the tunnel yet), and BAS (no thanks), the natural gas inventory review (smaller than expected injection on high demand, high exports, and lower production), and a table of key comments by energy players made so far in 2Q16 along with some other odds and ends. 

Ecodata Watch:

  • Markit flash eurozone PMI came in at 52.9 vs expectations of 52.5 and June's 53.1.  

In Today’s Post:

  1. Holdings Watch
  2. Commodity Watc​h
  3. Natural Gas Inventory Review 
  4. Stuff We Care About Today - So Far This Quarter (2Q16 Edition), SWN, SLB, BAS, OII, SRAQ/CDEV, next week's calendar 
  5. Odds & Ends

Click the link directly below this to ...  Continue Reading »


21
Jul

Thursday Morning – CLB

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Market Sentiment Watch: Market weighing ECB decision. In energyland, the group continues to tread water ahead of the bulk of earnings season. In today's post please find comments on the oil inventory review (bigger than expected crude draw driven by higher than expected refiner demand and a back-on-trend drop of 29,000 bopd Lower 48 oil production figure (Lower 48 production now down 656,000 bopd in the last 24 weeks), other odds and ends. 

Ecodata Watch:

  • We get Jobless Claims at 8:30 am EST (F = 260,000, last read was 254,000),
  • We get Philly Fed at 8:30 am EST (F = 3.5, last read was 4.7), 
  • We get Chicago Fed at 8:30 am EST (no forecast, last read was -0.51), 
  • We get Existing Home Sales at 10 am EST (F = 5.47 mm, last read was 5.53 mm),
  • We get Leading Indicators (no forecast, last red was -0.2%).

In Today’s Post:

  1. Holdings Watch
  2. Commodity Watc​h
  3. Oil Inventory Review 
  4. Stuff We Care About Today - CLB, HAL, LPI, WPX
  5. Odds & Ends

Click the link directly below this to ...  Continue Reading »


20
Jul

Wednesday Morning – HAL

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Market Sentiment Watch: Slowly wading into 2Q16 energy earnings season but with little in the way of economic data the market is likely to continue to be a dull boy until early August. In today's post please find comments on the HAL quarter (solid quarter with a very light at the end of the tunnel feel to the call likely), the oil and natural gas inventory previews and some other odds and ends. 

Ecodata Watch:

  • No economic data scheduled. 

In Today’s Post:

  1. Holdings Watch
  2. Commodity Watc​h - with oil and natural gas inventory previews
  3. Stuff We Care About Today - HAL
  4. Odds & Ends

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19
Jul

Tuesday Morning – VNOM, MTDR, ECR, Service

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Market Sentiment Watch: Market looked to be a peak boredom yesterday. In energy land, news flow is picking up and earnings season kicks off tomorrow with HAL followed by a number of Service names and then the first of the upstream names we care about at week's end. In today's post please find an updated cheat sheet and mini model for VNOM, comments on a few Service names, comments on ECR, comments on MTDR, and several other odds and ends. 

Ecodata Watch:

  • We get Housing Starts at 8:30 am EST (F = 1.165 mm, last read = 1.164 mm),
  • We get Building Permits at 8:30 am EST (no forecast, last read was 1.136 mm)

In Today’s Post:

  1. Holdings Watch
  2. Commodity Watch
  3. Stuff We Care About Today –  VNOM, Service, STACK, ECR, RRC/MRD, MTDR, 
  4. Odds & Ends

Click the link directly below this to ...

Continue Reading »

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