15
Dec

Z Wrap – Week Ended 12/14/07 – IN PROGRESS

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1) Believe it or not the trade in energy is still a long one. Although the character of the trading days continues to be either all green or all red the energy stocks outperformed the broads market yet again last week. That makes four in a row although progress has been limited.

2) Oil related commodities were strong in the middle of last week. Products outperformed crude, especially heating oil due to a draw not expected by traders, which helped boost crack spreads for the period. 

Odds & Ends 

Gas directed rigs count falls five. This is inconsequential but I would note that Texas added another 13 oil and gas rigs yielding another high for rigs in the state since Baker Hughes has been breaking out state level data (1990). Clearly current prices are not curbing capital programs just yet in the economically sensitive Barnett Shale.

VLCC Rates Continue To Explode. Nope, note a typo, the rate to Japan from the mid-east more than doubled last week. While clearly not sustainable the move in the stock has not gotten out of hand yet.

Tanker Multiple - TBA

Look for a special piece, "A Tale of Three IPO's" on Monday. Man have they taken different (but expected) paths since reviewed earlier this year. I continue to hold positions in two of them and have shunned the third like the plague up until now. 

Holdings Watch: Closed trades in December.

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One Response to “Z Wrap – Week Ended 12/14/07 – IN PROGRESS”

  1. 1
    Zman’s Energy Brain ~ oil, gas, stocks, etc… » Blog Archive » Monday – Oil Traders Say “It’s The Economy Stupid” Says:

    […] Z Wrap – Week Ended 12/14/07 – IN PROGRESS […]

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