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Natural Gas Rigs: Starting to roll over as more curtailment / delayed drilling announcements. This will be natural gas price supportive if it it continues for long or more rigs come off the count.
CFTC – Short Position Is Still Large. As the net short position fell away from a record, gas prices recovered.
Skud List: I had 5 issues go off the board Friday as complete losses:
- (XLE) puts – a pre Opec hedge that got away from me faster than I thought.
- (SWN) and (NFX) Calls- The were purchased in mid July and did well after earnings but were sub-primed beyond my belief. I held on to them sense they weren't really worth selling and both made efforts to recover but the distance was just too great.
- (KWK) puts – this was a small early natural gas short that didn't work
- (PTR) – this was a play on the horrible refining margins in China at present. Their third quarter will likely be horrible at least on the refining side but the proposed offering of 4 billion shares to mainland Chinese, something that on this side of the ocean would be a negative was viewed as a positive. Given this is the equivalent of Exxon in China I really didn't think the stock would drive a further 5.5% beyond the initial rally day on the announcement of a secondary. I was wrong.
Other Options Going Off The Board Saturday:
(OII) September 60 Calls were up 390%. The spread remained too wide and the bid was below intrinsic for much of expiration week so I opted to exercise and will be selling some (OII) stock on Monday.
Option Positions Remaining After Expiration
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