Focus Friday – Refiners In The Spotlight & Big News For CHK

Good Morning! It's been a wild ride of a week with oil approaching a near term speculative top (saved from a key reversal only by a truly last minute rally)  and natural gas fundamentals ringing in a suggestion of further losses and a near term test of $6. This one got a little long on me for a Friday post so here's the crib sheet:

1) Possibility of a key reversal in oil.

2) A word about natural gas and my sense that it's still set for a $6 test before it can move higher (although of course a storm will change that in a heartbeat).

3) A look at refiner metrics from the stocks and their elevated multiples to crack spreads vs stock performance.

4)  Stocks of Interest: A big league deal between APC and CHK (currently long those '08 Calls); review of (MMR)'s Flatrock discovery and further near term potential.

5) Holdings Watch: It was a busy day for both oil and gas trades.

Oil hit $73.80 yesterday, the strong morning rally I was looking for, followed by a sharp reversal on news more refineries are coming back on line. We saw higher than normal volume as well but I'd need to see it follow through soon or this will prove to be just another "buying opportunity" on the so far steady path to $75. Hey wait a minute, if more refineries come back on line, that means more demand. Ah, gasoline fell another 4 cents, that's a dime in 2 days which reverses much of RBOB's move over the previous nine trading sessions. The bulls can't agree on which animal is leading the other higher, gasoline or oil or foreign oil so they switch between them as the situation warrants. I'd point at that the contango got even flatter with on a nickel separating many months and less only $0.37 between August and September. That put's a bite on those easy profits and makes me think at least some speculative longs will light their load very soon!

Barring any further snafu I'd expect gasoline to continue its fall by the close today.

Favorite quote of yesterday, when oil was up just over a $1, There simply is too much bullish enthusiasm out there to dent the current rally” in oil, said Edward Meir, analyst at Man Financial, in a morning note.

Natural Gas - Another Big Injection. 106 Bcf injection, really 96 Bcf when you back a 10 Bcf reclassification of base to working gas but still a whopper of a number. In line with Street and my estimate range and brings storage to within 3% of last year's record levels.

After the gas number I pulled in my horns a bit swapping (BHI) calls for puts and adding a (SWN) put position as a trade. These changes are detailed below in the Holdings Watch but suffice it to say that I think gas must retest the lows before moving higher unless a storm shows up as only brief spikes in temperatures have prevailed to date and it's mid July.

Here's a little update on the refining stocks.

Multiples have become elevated (for refiners)... 


...As the stocks have had a good run this year


...Owing To Large Increases In YoY Crack Spreads...


...But The Stocks Have Recently Accelerated Their Run...


...While Crack Spreads Have Come Well Off Their Spring Highs.


If they went up in lockstep with higher cracks, it stands to reason that the stocks, especially the smaller caps that have experienced significant multiple expansion will full the same pull, if only seasonal in nature as estimate growth slows, and eventually falls.

Finally, I was taking a look at historic forward multiples of earnings and valuations look pretty lofty here. Even (VLO), my favorite refiner is trading a little higher than it normally does on a forward basis. As you go down the market cap chain, the relationship between past trading range multiples and present multiples of forward earnings gets truly stretched.

VLO Trading A Little Above It's Normal Forward Range:


Stocks of InterestChesapeake and Anadarko Partner Up. Last night (CHK) and (APC) revealed they had reached "multiple agreements". For consideration of $310 million paid to Anadarko plus some non producing leasehold they agreed to:

  • a joint venture in the Deep Haley area of the Delaware Basin in West Texas covering a million acres. They will split drilling, completion and midstream on new production and CHK gets 25% of APC's existing production. To my knowledge APC was producing 126 Mcfgpd net from the Haley field from 40 wells as of June 2006 when they did another deal with Chevron. They are likely over 200 Mmcfgpd gross at present. At the time of the deal with CVX Anadarko remarked about its belief in recoverable reserves of 10 Tcf including it's acreage with (CVX), a total of 340.000 gross acres.
  • CHK picks up an additional 2,100 net acres acres in the Fayetteville shale.
  • Last week in the 2nd edition of our Alwaysanoption newsletter I wrote about what a juicy target prospect rich CHK would be for some major (or super cap independent).

Addax Petroleum - Yesterday announced a couple of big pay wells offshore Nigeria; one oil with gas pay zones and one gas. This remains a long term stock of interest.

Yesterday (MMR) Announced A Big One: Flatrock

  • Deep well in very shallow water, 189 feet of pay in five zones, drilling down for a deeper objective (Operc) but that’s one hell of a bailout zone! They have an NRI of just under 20% here and operate.
  • It was a 75 Bcfe (net unrisked portion) including the deeper section. What they’ve got now could be worth about 25 Bcfe to the company which only had 75 Bcfe booked at YE06.
  • In 10 feet of water and surrounded by infrastructure they should be online in a couple of months with some pretty good rate here (significant to the company).
  • I'm just watching for now but may pick up a few calls if it drifts off a bit with a weaker market. I'd bet it drifts higher as they approach the deep section as the speculators (your truly) line up. With luck I'll be out before the next PR.

Holdings Watch:CALLS

  • (BHI) sold the for $0.75 for a 29% loss.
  • (OII) sold the July $55s for $2.50 for a 127% gain to the $1.10 purchase on 7/6.


  • (BHI) bought July $85s at $0.35. A bit of a gamble but the $90s moved on me and I was only able to come away with the riskier component. As it happened, (BHI) rallied with the OIH which rallied with the broader market and last bid here was $0.25. A dollar drop gets me whole and I'll be quick to salvage and reload.
  • SWN bought July $45s for a quick trade on the ng number for $1.15. Last bid $1.35.
  • (FTO) bought the August 50s for $2.90. Last bid $3.30.
  • (TSO) : No adds to my current small position fo $60s and $57.50s. but they did come back to life and as Tupp put it, it continues to form a delicious double top!

Odds & Ends

Analyst Watch: TBA in comments.

If I don't talk to you in comments you're missout out but have a great day and weekend!

107 Responses to “Focus Friday – Refiners In The Spotlight & Big News For CHK”

  1. 1
    andy Says:

    if tso is your favorite refiner, who is your least favorite. looking for a short.

  2. 2
    zman Says:

    Andy – VLO favorite long. I’m in TSO and FTO puts; HOC is trouble to trade, WNR has had an incredible run. Always scale in and especially in this group which has a ton of “hot money” in it.

  3. 3
    zman Says:

    BHI warns – cites deterioration of Canada business. Sees $1.07 to $1.09 vs Street at $1.18 for 2Q. Got lucky on the timing there and I’ll likely sell the position into the initial excitement.

    Should take NBR down as well like we mentioned on MN1.com regarding Canada.

  4. 4
    zman Says:

    Man I love the action this morning. HAL upgraded at Credit Suisse. I’m still long which also plays into the cheaper is better right now rule.

  5. 5
    zman Says:

    CRZO had a good update and I’ve missed that one so often I’ll probably take some OTM Aug calls this morning and ride out the gas weakness. They’re coming on very strong in the Barnett Shales, they had a great discovery in the UK North Sea, and they’re drilling in a new shale, the Floyd, in Miss.

  6. 6
    zman Says:

    TOT signs deal over Stohkman gas field. They’re not going to own a share of the underlying asset here but they might, for $4B be allowed to book some of the reserves!!! You guys better watch out, that sounds like a pretty sweet deal for Putin Co.

  7. 7
    cowboy Says:

    I followed you into BHI puts yesterday so I’ll also be cashing out first thing. You’re the man, Z !.

  8. 8
    zman Says:

    Oil is rallying on a report from IEA that demand will grow next year. They said that Monday in a long term report. No they’re saying it again and the press is acting like its news.

  9. 9
    zman Says:

    Nicky – thanks for the first laugh of the day! 🙂

  10. 10
    zman Says:

    TRADE: Out BHI July $85 Puts at $1.35 vs $0.35 cost yesterday.

    HAL going higher. lol.

  11. 11
    zman Says:

    TRADE: NBR August $32.50 puts for $1.60

  12. 12
    zman Says:

    HAL acting very well…for HAL. Cheap works. Forget cramer.

  13. 13
    scoop006 Says:

    Z Re # 13 Isn’t Sept $32.50 @ $1.90 a better buy?

  14. 14
    Marie Says:

    Z- what do you think of SU?

  15. 15
    zman Says:

    Scoop – I don’t need that much time.

    Marie – It won’t stop going down and it’s T Boone’s biggest holding so I don’t like getting in front of that train. They mint money at these prices but a day will come when prices aren’t so good for oil and so cheap for Rockies gas. I’ll wait for that day.

  16. 16
    codydog Says:

    Bit of an inconsistency on the terror/alq reports. If alq is still at high operational level after 6 years of relentless US pursuit, US bombs, and covert killings, either the US is inept or the report was generated for other reasons.

  17. 17
    zman Says:

    Nicky – He’s unabashed.

    NBR going hard against me here. Put in DD closer to $1 just in case.

    CHK up 3%

    Cody – I think you’re onto it with that last bit. Who wrote it anyway?

    Oil insane on IEA news! This is more of the speculative blowout top that will soon fold in my somewhat learned but very humble opinion.

  18. 18
    codydog Says:

    1.paraphrase of a stratfor comment
    2. when I trade the OIH etc indexes, and the admin of the etf buys/sells the underlying stocks, does the marketmaker know if the trade in the underlying equity is an etf re-balancing or someone trading the equity?

  19. 19
    zman Says:

    N – I agree.

    On oil I keep hearing about depleted storage worldwide except for the US which is the one that’s monitor closest. Since Brent is based on the OECD inventories it’s up on those reports and that keeps WTI up. Despite the fact that Canada is flooding Cushing with oil from the sands.

    Gasoline not participating. Hmmm. Could it be that while demand was up week to week as Flynn pointed out to very high levels it is the rate of growth in demand that matters? How’s 0.4% YoY sound? That’s not so scary when you see how the refiners are able to blend up to meet demand.

    Here’s what they’re blending it with and that’s not exactly skyrocketing either:


  20. 20
    zman Says:

    Cody – I worked at an institution only house in a former life and our traders would have known the difference. Why do you ask?

  21. 21
    zman Says:

    Nicky can you give us the levels on gasoline?

  22. 22
    zman Says:

    Gasoline negative, oil trying to break lower. Looks a lot like yesterday’s action.

  23. 23
    zman Says:

    CLR up another 2.3% to $17.30

    USO in same action as yesterday. After an initial surge: 2 steps down, 1 step back up repeat.

    Taking a hard look at HOC August puts here. trying to scoop. This thing is out of hand.

  24. 24
    Moe Gamble Says:

    Zman, Nicky,

    Thank you for this site. You’ve been very helpful to me.

  25. 25
    scoop006 Says:

    Z You are the MAN. Followed you on BHISQ @.40 out @$1.85×50. Work hard, sometimes you get lucky. Thanks again.

  26. 26
    zman Says:

    Hey Moe,

    I really appreciate that! It’s a labor of love that started as a trading journal and turned into what you see today. I found that my trading greatly improves by walking though concepts on paper and the community we’ve formed around here is immensely helpful with ideas I would never have thought of by myself!

    We’re going subscription Sept 1 and the funds will be channeled into some data services I need access to. The cost of those services is not cheap but this site will be very affordable. Probably the cost of 2 round turns a month or about $40 to people who are registered with the site and who contribute / ask questions. If you’re already a subscriber at PSW you’ll also be eligible for a discount.

    Thanks again for the compliment.

  27. 27
    Fred Says:

    Just caught T. Boone on CNBC and he’s saying WTI may pull back to the high $60’s before it moves higher.

  28. 28
    Brian08 Says:

    Interesting action in the refiners with crack spreads deteriorating like they are and the smaller companies like HOC becoming over-valued (in comparison to the larger companies)…

  29. 29
    zman Says:

    Scoop – Thanks buddy!

    That SWN short from yesterday looks like its ready to start working again.

    Lower highs for oil. DDT forming.

  30. 30
    zman Says:

    Fred – early this morning he said something like $65 to $67 but $80 before he turns 80 (next Spring).

    Brian08 – I’m trying to take a little put action in HOC but I’m very timid about it and only half want an execution. That thing has kicked my teeth in more than once last Spring despite the run. Plus I’m feeling pretty happy with everything else today and would hate to cloud my thoughts for the weekend. Surely MEND will take a busload of Shell workers hostage or blow up a pipeline or some such by Sunday.

  31. 31
    scoop006 Says:

    Z Did you notice the call volume for NBR

  32. 32
    zman Says:

    Holy Smokes Scoop!!! Somebody is betting huge there.

    The PUT I bought for $1.60 are now bid $1.75 despite the fact that the stock is up $0.60 from where I bought it. Gotta love when that happens!

    BTW, nice way to trade that BHI this morning. Usually the sell the initial works best but man you smoked it!!!

  33. 33
    Fred Says:

    Nicky, Wasn’t it $80 before he’s 80 and I have no idea of his age? Then says high sixties is possible; same thing you’ve been saying.

  34. 34
    scoop006 Says:

    Should of held out for $2.30.
    I’m in NBRUZ@$1.90. Why is it up?

  35. 35
    zman Says:

    Scoop – dunno. September is up too? Interesting, must be a lot of heightened interest in a takeout of these guys.

    USO just got crushed. Missed my HOC’s and I won’t chase. I sound like a broken record more than Nicky by saying that the crude action looks VERY much like yesterday to me.

    Fred – He’s going to be $80 next Spring I think.

    SWN continuing to wiggle lower.

  36. 36
    scoop006 Says:

    Z-Heard some chatter about an lbo of NBR.
    I’ve been burnt 2x with this same story, but if I don’t play will probably happen so I’m taking a straddle.

  37. 37
    zman Says:

    Yep, heard that a couple of times in the last few months. Makes me nervous short with merger Monday around the corner.

    USO attempting another quick, spiky rally, anyone see anything blow up?

  38. 38
    zman Says:

    Oil back to session highs???? Are we re-reading the IEA report during the 11:45 bathroom break and finding new wisdom?

    Gasoline still down $0.04.

  39. 39
    zman Says:

    Did someone ask me about LUFK the other day? Wow are they getting knocked about. Second oil service to warn.

  40. 40
    zman Says:

    NFX knocking cover off the ball. I’d say merger Monday rumor candidate but the call volume isn’t there.

  41. 41
    codydog Says:

    z–which refiners should I buy puts on here? OIH isnt working for me today

  42. 42
    zman Says:

    Nicky – agree with your oil guy

    Codydog – what’s a codydog? I like the FTO August 45s and have in the TSO $57.50 and $60s for awhile now with no success. It’s a tough crowd but I think, as you can see from today post, the group is full of hot money, much of which should jump ship as gasoline prices fall off soon. They’ve got big profits to protect. I’m also looking at HOC but it’s a squirrelly trader.

    Nicky – ROFLMAO. OMG you’ve got to do that. Wait til we get all the boring stuff out of the way like number and call though b/c after that all hell will break loose!

  43. 43
    zman Says:

    what’s the beef on this crude rally?

  44. 44
    codydog Says:

    z–my bet is that TSO july 60s puts will move much quicker than the FTO 45. Looks like OBV is more negative for TSO

    Is there a ratio/correlation to apply to USO to get to CL?

  45. 45
    zman Says:

    ok this is just low. Nigerian kidnappers have downgraded from 3 year olds to 2 year olds.


  46. 46
    zman Says:

    cody – yup but it’s a bit of band, I’ll graph it out if I remember.

  47. 47
    H Says:

    Hello Guys, Looks like a mearch to 80 on oil! damm…..so many futures and so little barrals! ( been doing more solar since thursday- just palying with some house money, on TSL) now taking it back! 🙂

  48. 48
    zman Says:

    TSL’s been huge, nice job H!

    NFX just keeps drifting higher but no real increase in call volume. Maybe a fund just decided they like it. Same happened to SFY yesterday.

  49. 49
    zman Says:

    TSO at LOD, FTO could care less. missed my HOC as it went from up $2 to up 40.80 but am not willing to chase.

    USO volatility is whack here.

  50. 50
    H Says:

    That gassy stuff gotta move soon! and XTO seems to be acting better today (now) gonna stay hot this week, and HHH next week- EOG is on hold –

  51. 51
    zman Says:

    uso tanking again. I guess people figured out that though sad, the kidnapping of a 2 year old will not change Nigerian oil output.

    any of you sailors spy anything on the storm front. nat gas sure is jumpy.

  52. 52
    zman Says:

    SWN at HOD on this nat gas move. I hate shorting good companies, i hate shorting good companies, i hate shorting good companies. Well it was a good trade. I’ll hold through weekend and salvage on monday with a DD or punt. i hate shorting good companies.

    Forecast shows cooler than normal temps next week and a broad swath of normal for most of the country. The west will be hotter than but it’s summer.

  53. 53
    zman Says:

    N – by today’s stops is Flynn buying RBOB now?

  54. 54
    zman Says:

    Eric Bolling’s favorite name ALJ got left out of my discussion today on refiners but it’s another that has had a super run.

    Like the guest on CNBC who basically said they only focus on the stocks they like! What a stupid answer to the question, “what would you avoid right now?”

  55. 55
    Brian08 Says:

    I’m still in kindergarden when it comes to all of this stuff as compared to the graduate level discussion that is taking place here so forgive my noobish questions, but doesn’t it seem like with crack spreads retreating and utilization not being much above 90% this quarter that the refiners are going to struggle to make their numbers?

  56. 56
    J Says:

    CLR, smokin!

  57. 57
    H Says:

    noooooooooooooo ! gas has been up, and cracks have been above a level, I call- CA Ching! while the majors have oil at a good clip this Q- take those two facts and add in that everyone still needs gas for the hummers- parked everywhere from beverly hills to ENY! and da bronx. and then don’t forget the biggest most important pice of fundermental fact you need to know, that the money flow is huge into these hard to get shars!( this is all think at load)

  58. 58
    zman Says:

    Brian – Hard to say, numbers are up mightily but they can hedge the crack. Volumes will be down for some up for others. I will say that the rate of eps estimate acceleration is sure to slow and may reverse if we get a drubbing in RBOB. The one side I often don’t talk about is distillates which have been very strong but the cracks I talk about do include them. In other words, I’m not counting on earnings misses but instead a deceleration of momentum (maybe a stoppage of it).

    wow CLR!!!

  59. 59
    Brian08 Says:

    Z I think that goes along with H’s point…Everybody is pouring in, but as soon as the mo’ stops then that’s when the fun begins if you are on the short end of the trade as you watch everybody and their brother head for the exits…Definitely takes some stones to be short any of this stuff right now, especially going into the weekend…

  60. 60
    zman Says:

    TRADE: bought a little NBR insurance. $35 calls for $0.40. If the rumor is nothing, it’ll should sink on my expectations of lower oil, and n gas. If it gets taken out I’m covered.

  61. 61
    H Says:

    Brain- i argee takes some stones to short this friday!! to many reasons, beter to wait, about zmans points – their will be some grest earnings and some troubled, for different reasons, its a game of pick your stocks-

  62. 62
    J Says:

    Refiners may get another pop after earnings, but you have to ask, who is going to be buying refiner shares at ATH in August? They have to come under pressure soon.

  63. 63
    H Says:

    take a look at no buying just dumping in the xle 73 jul puts today- not a buy in hous, just huge dumps at the open- says something-

  64. 64
    Moe Gamble Says:

    People want commodities, especially oil. They’re scared of inflation, they’re scared about peak. They’re just buying without really knowing what they’re buying. They don’t even know that inventory is up. The whole thing is self-reinforcing, and so should last way longer than anyone would expect, don’t you think?

  65. 65
    codydog Says:

    moe–i’m probably older than you, but theres an old saying…..commodities are made to be sold, stocks are made to be bought

  66. 66
    Brian08 Says:

    Sounds like the days of the ‘net and 1999…Don’t know why I’m buying what I’m buying, but everybody else is so I should be too…Good ol’ investor psychology…

  67. 67
    H Says:


  68. 68
    Moe Gamble Says:

    codydog, Brian08 I’m sure you’re right, but I can imagine everyone in America with $500 to spend buying some USO. And holding.

  69. 69
    codydog Says:

    brian–the bigger fool theory of trading!!!

  70. 70
    H Says:

    Hey the market can remain stupied longer then you can _

  71. 71
    Moe Gamble Says:

    I can imagine tankers jamming the Gulf–all holding the oil bought by the little guys.

  72. 72
    zman Says:

    There are ETFs coming soon for RBOB and HO. Also a new oil tracker ETC for the WTI 12 month strip.

  73. 73
    Moe Gamble Says:

    Well then, I guess they want the prices to really soar.

  74. 74
    codydog Says:

    z–how do they plan to store the oil, or will it be a cash settled only thing? so futures and deferred del’y only

  75. 75
    H Says:

    CodyDog- Hi- Z buying futures contracts, or uso’s?

  76. 76
    codydog Says:

    I was talking about the etf z mentioned,not a postion trade, sorry if it wasnt clear

  77. 77
    zman Says:

    they never take it, just roll contracts from month to month. That has been the death of USO’s performance relative to oil as they continually have 1) a monthly transaction expense and 2) buying higher priced oil due to the contango. If we do got backwardated it will help the USO ETF outperform but then I’d bet the prices will plummet and they will still be a loser to own.

  78. 78
    DrT Says:

    Speaking of takeover rumours, CNQ up 2.5 dollars today!

  79. 79
    scoop006 Says:

    Z Whats your exit $ on HALGG ?

  80. 80
    codydog Says:

    z–I dont think your point is well-understood. every one looks at the gold etf and sees the ingots in jpm’s vault that cant be touched. USO’s oil is paper, so its not off the mkt like the gold ingots are in GLD

  81. 81
    zman Says:

    DrT – hearing anything interesting?

    Scoop – Fingers been on the trigger all day. Now probably Monday, hopefully around a buck. I’d really like to be in for merger Monday action if it happens. It was nice to have calls on the best performing and puts on the worst performing stocks in the OIH today! That NBR trade I botched but it’s little pain compared to the BHI lucky trade! Now it’s getting on toward beer thirty.

  82. 82
    H Says:

    Boy O Boy….For some fun, maybe Z can take the top 5 majors, and add up what their total revunes will be the Q – that should be a site…and it looks like M&A back on track-

  83. 83
    H Says:

    Congrats on that BHI call z!!

  84. 84
    DrT Says:

    No, but constant speculation somebody big will take it out. Periodic spikes on rumours. Usually sell into them but one day it will be for real. Supergood oilsands assets at real cheap price.

  85. 85
    zman Says:

    Story out saying CNPC is giving up on Canadian oil sands due to delays in building a pipeline to the Pacific. Instead target heavy Vz oil. Net net, got to say that’s bearish for oil, at least US oil prices.

  86. 86
    T-Tupp Says:

    gas in canada is about $4.10 usd today 🙁

  87. 87
    T-Tupp Says:

    /gallon t the pumps

  88. 88
    zman Says:

    Thanks Doc! Keep us posted, we fiddle about with the rumor game from time to time. I think another wave of consolidation is approaching. Higher multiple big caps can use their bloated stocks as currency to scoop some cheap, quality E&Ps now.

  89. 89
    Moe Gamble Says:

    Nicky, 8 houses in my neighborhood standing empty right now. Flippers tried to flip one too many.

    I was trying to surf this oil run longer, but I lost my nerve today.

    Did you see that OPEC’s production numbers were up? Cheating on quotas.

  90. 90
    zman Says:

    Opec cheating – yes, we made them an offer they couldn’t refuse: $70+ oil.

    Still like the tankers but am not playing during earnings.

    In LNG tanker land, GLNG has had a huge run and TGP could run more.

  91. 91
    T-Tupp Says:

    maybe phil flynn was referring to the pump price of gasoline in downtown Vancouver?, ahhhhhh i got it— thats some serious foresight!

  92. 92
    T-Tupp Says:

    i think vlo might get crushed in earnings when the come out….. bmo has them at the high end of the band….. and tso might get a miss too

  93. 93
    Jessy Says:

    Checkout BTJ. It has been climbing for last 2 days.

  94. 94
    T-Tupp Says:

    BMO CM has them at $4.18 or something

  95. 95
    zman Says:

    Jessy you’ve been all over that name, congrats! I’m not up on the seismic guys now, what’s going on new with them?

    Tupp – why do you think they might miss?

  96. 96
    zman Says:

    Checking out for a swim now. The weekly wrap will be up in the morning, Have A Great Weekend Everybody!!!

  97. 97
    T-Tupp Says:

    there has not been downward guidance with the advent of diminishing cracks..

  98. 98
    Jessy Says:


    When the oil price rise oil companies wil spend more money in finding new oil exploration for oil and gas. That is where BTJ comes in. Its earnings numbers are great. NO debt.

    Checkout the chart. There earnings will be out in 8/22/07


  99. 99
    zman Says:

    Thanks Nicky. That’s good stuff.

  100. 100
    zman’s Energy Brain ~ oil, gas, stocks, etc… » Blog Archive » Weekly Wrap – Week Ended 07/19/07 Says:

    […] Focus Friday – Refiners In The Spotlight & Big News For CHK […]

  101. 101
    Zman’s Energy Brain » Wednesday – Yesterday Was Huge! Today Oil Report Expectations Are All Over The Map Says:

    […] Friday the 13th I wrote: “multiples have become elevated for refiners as the stocks have had a good run this […]

  102. 102
    zman’s Energy Brain ~ oil, gas, stocks, etc… » Blog Archive » Wrap – Week Ended 08/03/07 (In progress) Says:

    […] Ditto but entered earlier (7/12) just before I wrote this. My August 50s are bid $14.80, up 410% and I’m still […]

  103. 103
    zman’s Energy Brain ~ oil, gas, stocks, etc… » Blog Archive » Monday Mayhem? Says:

    […] Ditto but entered earlier (7/12) just before I wrote this. My August 50s are bid $14.80, up 410% and I’m still […]

  104. 104
    Zman’s Energy Brain » Monday Mayhem? Says:

    […] Ditto but entered earlier (7/12) just before I wrote this. My August 50s are bid $14.80, up 410% and I’m still […]

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