Market Sentiment Watch: Eurotrashcontagion fears still in charge, especially as this is another light ecodata day in the U.S.  In energyland, crude leveraged names have fallen with global oil prices but also may be experiencing some selling as investors start to notice natural gas and the beat down nature of gassy names again. We have been slowly adding to gassy names since late last year and accelerated that move during the post 4Q reporting season lull but our exposure still remains overwhelming leveraged to oil names and gassy getting oily names with only a few distressed-balanced-sheet-and-mostly-natural-gas-focused names in the ZLT (and most of those are still getting oilier by the quarter with the exception of one large cap gas name that's casting about for oil plays as well). In today's post please find comments on two of those names as they report their 1Q12 results: EOG (very storng) and ROSE. 

Ecodata Watch:

• We get wholesale inventories at 10 am EST (last read was -0.9%)

In Today’s Post:

1. Holdings Watch
2. Commodity Watch
3. Oil Inventory Preview
4. Stuff We Care About Today –  EOG, ROSE, FTK
5. Odds & Ends

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Market Sentiment Watch:  European (Greek) news again in charge of world and U.S. futures. In today's post please find comments on a number of 1Q12 reports including OAS (strong with best in show EBITDA/BOE this quarter) and GDP (light on volumes due to well hookup timing and the lumpiness of pad drilling and completions), the first distribution for WHZ (essentially as expected), asset sales by REXX (midstream done sooner than expected for more money than expected), and some other names of interest reporting 1Q12 results. 

Ecodata Watch:

• We get the NFIB small business index for April today. Last month came in at 92.5,
• We get job openings at 10 am EST (last month was 3.5 mm)

In Today’s Post:

1. Holdings Watch
2. Commodity Watch
3. Stuff We Care About Today – GDP, OAS, REXX, SGY, REN, WHZ, OII
4. Odds & Ends

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Market Sentiment Watch:  Europe front and center. Austerity is out, more unfunded freebies are in for France. Greece striking a similar note as bailout supporting parties got tossed in parliamentary elections. The rest of European markets initially shuddered at the thought this will catch on. U.S. futures did likewise and commodities (aside from natural gas) dropped across the board. In energyland we have one last busy week of earnings followed by a few more stragglers next week. Largely the quarter has been as expected. In today's post please find comments on the NOG quarter along with The Week That Was.

Ecodata Watch:

• We get consumer credit at 3 pm EST.

The Week Ahead:

• Tuesday 5/8: NFIB small business index, job openings,
• Wednesday 5/9: EIA Oil Inventory Report, wholesale inventories,
• Thursday 5/10: EIA Natural Gas Inventory Report, jobless claims (F =370,000), trade deficit, import price index, federal budget, 
• Friday 5/11:  PPI, consumer sentiment. 

In Today’s Post:

1. Holdings Watch
2. Commodity Watch
3. The Week That Was
4. Stuff We Care About Today –  Earnings calendar – Week 4, NOG
5. Odds & Ends

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Comments will be included with the Monday post.

Market Sentiment Watch: Payrolls came in weaker than expected.  EIA's natural gas storage report continues to tell the tale of the flatter slope of the injection season we started talking about several months ago… note that yesterday's injection, despite near record production volumes, was the smallest injection on record for that week of the year (using my dataset that goes back to 1994). The two words you will see me repeat ad nauseum this summer are "Flatter Slope".  In today's post please find comments on MHR's surprise quarterly report after the close last night along with comments on the KOG (pre announced production big hiccup) and SWN (Brown Dense is encouraging) quarters. Look for a lengthy "Week That Was" segment in next Monday's post. 

Ecodata Watch:

• Non farmpayrolls came in at 115,000 vs 163,000 expected and 120,000 last month. 
• Unemployment came in at 8.1% vs 8.2% expected and 8.2% last month

In Today’s Post:

1. Holdings Watch
2. Commodity Watch
3. Natural Gas Inventory Preview
4. Stuff We Care About Today – MHR wrap, KOG, SWN
5. Odds & Ends

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