Wrap – Week Ended 4/03/09

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Holdings Watch: Not a bad week:

  • Sold the HAL $15 April Puts for $0.73, up 89%.
  • Sold the NBR $10 April Puts for 0.80, up 30%.
  • Sold the CRK $35 April Calls for $1.05, up 172%.
  • Sold the CRK $30 April Calls for $3.30, up 89%.


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On To The Wrap ...

1) Energy Sector Performance Tops The Broad Market. From E&P to coal to renewables, energy stocks put on a stronger than market show last week suggesting a return to the sectors. We saw volumes pick up, especially amongst the large caps earlier in the week with the smaller names playing catch up late in the week. I came out of my service puts early in the week and had put on new ones at week's close. We're looking for a number operations updates from the E&Ps, some bank line redterminations for the smaller ones, and perhaps a warning or two out of the service sector as estimates tumble there. 

2) Rig Counts Flattish. Perhaps just a pause in the decline. Note that horizontals continued to fall and we expect more of that but in all categories, the velocity of the drop in rigs had to moderate or no bits would have been turning to the right by June.

3) Gas Supply Update. January data was released on Thursday and I've got the monthly supply slide show updated here.

One Response to “Wrap – Week Ended 4/03/09”

  1. 1
    Wyoming Says:

    Fantastic discussion:


    Moyer interviews Black

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