Wrap – Week Ended 12/18/09

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Holdings Watch:

  • $10KP II:

    • $20,500
    • 75% Cash
  • The Holdings Tab has been updated.

Closed Trades For the Week Ended 12/18/09:

  • WLL – Sold the December $60 call for $6.60, up 35%, with the stock at $66.70.
  • BEXP – Sold the (20) $12.50 January calls for $0.85, up 172% with the stock at $12.50.
  • WLL – Sold the (10) December $65 calls for $2.70, up 16%. Will roll to longer dated calls after a pullback from these levels. I continue to own the common.
  • HK – Sold the (10) December $22 calls for $2.10, up 75%.
  • SWN – Sold all (15) of the December $43 calls for $2, up 28%, with the stock at $44.90.
  • WLT – Sold my December $70 contracts for $6.80 (on the mid), up 49%, with the stock at $76.75. I also hold a few worthless $80s.
  • EOG – Sold the (5) EOG $90 December calls (EOGLR) for $4, up 93%. I hold some worthless $100s as well so this will be a little better than a wash.
  • NFX – Sold (10, all) the December $45s for $1.50, up 29%, with the stock at $46.38.
  • NOG – Sold the (10) Janaury $10 Calls for $1.30, up 108%, with the stock at $11.10.
  • SWN – Sold the December $45s for average $1.52, up 15%, with the stock trading around 46.50.
  • HAL – Sold the (10) HAL Decembers $29 Calls for $1.15, up a whopping 2%.
  • HAL – Sold the WildZ from yesterday for $0.19, down 46%.
  • SWN – Took 10 of my 15 January 45 calls (TKQAI) off the table for $2.80, up 51%, with the stock at $46.50. Just booking a little more cash.
  • SWN – Sold the remain (5) SWN January $45 calls for $3.20, up 66%

Wrap Comments:

1) Thank You Exxon! I don't get to say that often but then again, XOM doesn't do something to put a fire under the E&P group all that often. Although they've been the subject of constant rumors since their purchase of Mobil in 1999 the direction this acquisition was different than what I would have thought (gassy and in North America). Note that while it helped the gassy upstream group and the Service sector, big integrated oil, as represented by the XOI gave a shoulder shrug to the deal with XOM retreating slightly and CVX and COP slipping as well since everyone wants to know how those firms will answer the move. Note that Big Oil has not been the place to be all year long. Maybe next year (more on that in the year end projection piece due out in a couple of weeks).

2) Natural Gas Saw Monster Draw - Look For More Big Numbers For The Two Weeks. See Friday's post for more comments on gas and gas storage. We should get a sizable draw this week as well although it shouldn't be quite as big as Thursday's 207 Bcf record draw. Storage is still more than well supplied and further gains to the upside should be limited, if not in magnitude, then in duration. More on this in the Monday post.

3) Oil Had A Similarly Interesting Week As We Finally Saw An Uptick in Distillate Demand. Finally, finally, finally, we saw a noticeable uptick in distillate demand resulting in a larger than expected withdrawal from storage. Don't get me wrong, distillate storage is still quite bloated but the trend is improving and should continue to through at least mid January. OPEC meets next week and the Cartel is more than likely to leave things alone at this time, getting less done at their meeting than the delegates at COP 15 did at theirs.

The Wrap Table:


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