12
Sep

Wrap – Week Ended 09/11/09

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Good week for energy, good week for the markets. OPEC left quotas unchanged as expected and economic data, for the most part, came in a little better than expected. News flow, something that dries up almost entirely over the summer months, came back like the tide, with a number of our positions releasing positive operation and financial updates. The micro caps went on a tear with KOG running 17% and WRES running 34% on the week ... 10+% upward moves were commonplace among many small and even medium cap E&Ps leading to me to begin to adopt a more cautious tone.

Holdings Watch:

  • $10KP II

    • $13,700
    • 33% Cash


Closed Positions For The Week Ended 9/11/09:

  • BEXP – Sold the BEXP September $7.50 calls (QBJIU) for $1.60, up 205% with the stock at $9.08. I continue to hold the common stock here.
  • WLL – Sold half of my September $50 calls (WLLIJ) for $6.30 (on the mid), up 435% with the stock at $56.20.
  • CLR – Sold half of my September $40 calls (CLRIH) for $3.50, up 74%, with the stock at $43.20.
  • CLR – Sold the second half of my position in the September $40 Calls, (CLRIH) for $4.00, up 98%, with the stock at $43.70.CLR – Sold the second half of my position in the September $40 Calls, (CLRIH) for $4.00, up 98%, with the stock at $43.70.

 

 

17 Responses to “Wrap – Week Ended 09/11/09”

  1. 1
    zman Says:

    V – I’ve updated that spreadsheet. My plan is to do it once a week. If there is a way to do it with goog docs to make it less of a hassle I’m all ears.

  2. 2
    VTZ Says:

    Don’t feel like I was bugging you about updating it. I thought it might just be easier for you. I’m no internet design specialist, I’ve just seen it on some other sites.

  3. 3
    zman Says:

    V- Shoot me one of those sites and I’ll check into it.

  4. 4
    zman Says:

    The ZLT page has been updated.

    http://zmansenergybrain.com/subscriber-data/holdings/zlt/

  5. 5
    Wyoming Says:

    Protectionism with references to energy:

    http://reason.com/blog/show/136040.html

    Roubini’s site is down, his comments indirectly:

    http://asianenergy.blogspot.com/2009/09/nouriel-roubinis-rge-monitor-on-oil-and.html

  6. 6
    zman Says:

    Great idea, trade war with China. Note the bit about rare metals in the first link in 3. Restrict those and no more hybrids. Not unless they are of the Flint Stones variety.

  7. 7
    baylor3217 Says:

    z- if you need any texhnicAl assistance with the site, let me know. My brother and I are in the software / site development business.

  8. 8
    baylor3217 Says:

    Re #6, obama appears to have taken a page straight from Herbert Hoover with his tarriff approach to payback his union voters

  9. 9
    Wyoming Says:

    And it begins?

    http://online.wsj.com/article/SB125288688245907401.html#mod=WSJ_hps_LEFTWhatsNews

  10. 10
    zman Says:

    Wyoming – unreal.

    Baylor – Thanks but I have an IT guy. Just trying to figure out what V said these guys were doing with goog docs. I don’t use it much, mostly excel. Not sure I can dynamically link it to WordPress without dragging the site either.

  11. 11
    Wyoming Says:

    http://www.zerohedge.com/article/why-has-natural-gas-spiked-60-labor-day

  12. 12
    zman Says:

    Re 11 – makes sense until you get to the end of the piece. Then he just jumps to make the assumption that high storage automatically means low prices. Once again, it is a futures market…

  13. 13
    Wyoming Says:

    Our marketing folks are calling for a 1 handle on NG by October. I also have a well that is not contracted to a pipline under compression, so I get to see the other side. The pipeline pressure has been jumping up since about June.

  14. 14
    zman Says:

    Not saying it couldn’t happen. I would have thought much of it would have already been discounted into the strip at this point. We saw OFOs all last week as takes from industrial consumers were lower than expected due to the approaching holiday. The stocks will have to start making more public announcements (or at least that’s what I was just writing for tomorrow’s post so it should happen).

  15. 15
    Wyoming Says:

    I mentioned OFO’s happening about 6 weeks ago in California and the concerns of the system getting clogged working its way back. Also, take note again, wet gas does not matter anymore, the defractionators are getting stuffed too. We need either demand increase or a really cold winter up North. Ski areas too but that is only secondary, primary is to freeze the Yanks …. Chicagoites too. I saw an HBO special last week on the closing of a GM plant in Dayton. The size of the plant was enormous and there was many jobs lost. I could not help but think about the heating and electricity not in the demand equation (regardless of the coal/gas generation question).

  16. 16
    zman Says:

    The flipside is you have industrial users in the chemicals business who are ramping due to much higher margins. Margins they probably have not seen in a decade. PE to fertilizers really benefiting here and we are seeing the shipments move up.

    On the OFOs, sure been seeing them for weeks, worst I saw was last week with Texas Gas Transmission putting the kibosh on interuptable injections until further notice. That started Sept 5.

    Why don’t I think its as big a deal for the producers as it is for holders of gas contracts. The strip. Oct is 2.97, Dec is $4.80. Most folks are hedged higher over that period. Jan is 5.06 and Dec 10 is 6.56 right now. Production will decline, not a matter of if but when. Agree we need cold, lots of it. NWS says it’ll be a warm one, Farmers Almanac says it will be bone chillingly cold. And no, I don’t have a track record for either of them but the FA has worked well in the recent past for me.

  17. 17
    Wyoming Says:

    http://www.dailymail.co.uk/home/moslive/article-1212013/Revealed-The-ghost-fleet-recession.html

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