A week that was ill-attended even by holiday standards with little volume and less news. While the markets did little before Christmas that wasn’t reversed on Friday there are a couple of interesting data points to take away.

1) Rig Counts Continue To Fall. Not unexpectedly both gas and oil counts fell again last week. What [...]

 
 
In Today’s Post:

Holdings Watch
Commodity Watch
Crack Spread Update
Stuff We Care About Today
Odds & Ends

Holdings Watch:
(SWN) - $10KP Trade - Added (2) SWN January $30 Calls (SWNAF) for $1.55 with the stock at $27.30.
Commodity Watch:
Crude oil fell $2.45 to $39.91 yesterday. Blame weak eco news out of Japan and a lightly attended market. This morning oil is [...]

 
Holiday Schedule:

Monday and Tuesday - Business as usual except the A-team is off the desk, hanging in the Hamptons and commiserating about their pea sized bonues. Meanwhile, the B-team  has been sacked and the C-team, accustomed to answering the phones and dashing out for coffee and dry cleaning, is running the trading show this [...]

1) OPEC Watch: The Cartel That Cried Cut Too Often. I’m not going to belabor the point since its Sunday but this is the wrap of the prior week and I just want to go down on record as saying OPEC over-played their hand from opening headline to re-engineering the date from which the cuts [...]

 
SWN Outlines Budget, Growth

Capex of $2 billion, $1.78 B on E&P and of that $1.5 B on the Fayetteville Shale vs $1.4 B this year.

This will be one of the few E&Ps you see with up capex 2009 vs 2008 (total capex of $1.7B)
20 to 21 rigs in the Fayettevile, not down from prior number.
Higher [...]