09
Aug

Wrap – Week Ended 8/8/08

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Holdings Watch: Not a big week for trading. Here are the closed trades. Next week will see a larger number of scuds with expiration.

  • CHK August $57.50 calls sold for $0.10, down 96%
  • HK August $30 calls sold for $4.10, up 71%
  • EOG: out $120 August calls for $0.10, down 98%
  • XTO August $55 calls sold for $0.10, down 95%
  • WFT August $42.50 calls sold for $0.15, down 93%
  • SLB August $110 calls sold for $.15, down 94%

 

Comments TBA ....

18 Responses to “Wrap – Week Ended 8/8/08”

  1. 1
    ellwodo Says:

    Looks like the tank rumblings are starting to be heard. A site I’m not familiar with (MBF Index Holdings http://208.86.118.22/index/HiRes/CLMACI.aspx) has what look like Sat oil prices of $122. Are these really current prices? If so, things are looking up.

  2. 2
    zman Says:

    Georgia says Russia has launched full scale invasion, asks for cease fire. Says Russia bombs Black Sea port and disrupts oil pipelines.

    http://www.upi.com/Top_News/2008/08/09/Russia_Georgia_conflict_escalates/UPI-20231218290263/

    Elwo – they run a 24/7/365 commodity trading operation. Those prices are in such a thin market I would not put a lot of stake in them but they are also very big swings from the close on Friday so somebody clearly thinks something is up. Will continue to watch through weekend.

  3. 3
    ellwodo Says:

    Thanks.

  4. 4
    ddaley Says:

    Test

  5. 5
    Fred Says:

    Picken’s latest on energy:

    http://seekingalpha.com/article/90154-t-boone-pickens-on-yahoo-and-the-price-of-oil?

  6. 6
    Nicky Says:

    It seems unlikely that the oil sell off is going to continue whilst this is raging on –

    http://www.bloomberg.com/apps/news?pid=20601087&sid=a4Iv46AUzfNk&refer=home

  7. 7
    zman Says:

    Hmmmm….

    http://www.ssd.noaa.gov/goes/east/catl/loop-vis.html

  8. 8
    zman Says:

    Oil opening slightly higher at 6 pm EST Sunday.

    up $0.70 at 115.90. NG up about 2%.

  9. 9
    ellwodo Says:

    What site are you using?

  10. 10
    zman Says:

    Elwo – I get Thomson live but you should be able to see it here shortly albeit delayed:

    http://quote.barchart.com/quote.asp?sym=CLU08&code=BSTK

  11. 11
    ellwodo Says:

    Thank you.

  12. 12
    zman Says:

    It may not mean a things as they reverse these early moves quite often.

    Oil now up $1.20ish for first few months out. NG up $0.18. Probably a combo of spinning thing in the Atlantic and the new war.

  13. 13
    zman Says:

    Russia target BTC pipeline and misses. All that tech and they can’t do the job MEND does with bass boats and rpgs.

    http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/11/cnbp111.xml

  14. 14
    zman Says:

    HK announces another secondary. 25 mm shares or about 12% dilution.

  15. 15
    zman Says:

    cooling degree day outlook falls to a very low 65 for this week, no help there for natural gas.

  16. 16
    zman Says:

    WSJ online article saying prices below $8 will yield producer curtailments of natural gas production.

    “It’ll be essentially a self-correcting mechanism,” EOG Chief Executive Mark Papa said.

  17. 17
    zman Says:

    Bird – on their 2Q call, they said the build it to sell it concept was on hold for a bit.

  18. 18
    zman Says:

    DD – depends on how much more there is to it but a lot more influenced the price of oil than the dollar on the way up. This looks like a broad commodity capitulation so my argument for long energy in general would be that supply is outstripped by demand at current prices in the long term. But in the short term, with the hugely negative sentiment on the group there is no reason to be long the names outside of service and refiners on fundamentals. But why is the dollar really going up…I don’t see the situation in the U.S. as wildly improved but if it has, would that not mean oil demand too would be improving? As I wrote this morning, I’m not adding to positions until things calm down and the day after day bashing really stops.

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