Wrap – Week Ended 7/4/14



Fairly uneventful short week.  Please see The Week That Was section in next Monday's post for just how uneventful it was. 


Any questions asked below the wrap table will be addressed in the Monday post. 


The Blotter is updated.


Have questions about ZEB?  Please send them to zman@zmansenergybrain.com.  


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Have a great rest of your long weekend. 

wrap 070414

9 Responses to “Wrap – Week Ended 7/4/14”

  1. 1
    crysball Says:

    The Baji  refinery [also  spelled  Beji……….depending  upon  the  News  Service]   is    apparently   occupid  about   1/2  by   Iraq  Military  and  1/2  by  ISIL.    Needless  to  say  its  320,00  b/d  finsined  proudct   (all destined for  Iraqi local   consumption)   is  offline……………..and  while  Iraq  may   momentarily  be  maintinaing  export  crude  volumes,  it  will have  to  replance  the  entire  320,00 b/d  refined  output  by    importing  this  amount to satisfy   domestic   consumption.  

    With  the Kurds  voting  for  Independence {Independence  from Iraq seeems  a foregone concludsion  given Turkinsh  encouragement}……………the  partioning  of   Iraq  seems to be proceeding.

    The 'Islamic State'   recently captured  some   Syrian  Oil  fields  and   with    that  curde  proudction  and   the  more recently  captured  Iraqi  production    intends  to  run  it  through  Baji…………..if  and  when   they  can  complete  its  capture.     Interestingly,  neither   side   seems  to have  damaaged  much  of  the refinery. However, if  the  Islamic State  or   Iraq  sense  they  are   are  going    to  los  Baji…………… then  scorched  earth  may  be   become   dejour,  an  not  much  of  Baji  will be  left standing…..the classic Middle East  Phyrric Victory.

    And    may   I  point  out  all  this  is  over  some   obscure    event  than  happened   in  640 AD………………..talk    about holding 'GRUDGES' !




  2. 2
    nrgyman Says:

    ENB Gateway pipeline (to the Pacific coast) is no sure thing, even though the central government approved it.  This article shows the deep divide in Canadian politics on the energy front.  From the article (which is a good read):


    "The Enbridge Northern Gateway pipeline was recently approved despite its massive unpopularity among Canadian citizens, who have protested it through just about every means possible. First announced in 2006 and designed to satisfy Asian demand for oil, Northern Gateway would carry between half a million and one million barrels per day from Alberta to Kitimat, British Columbia (where residents voted against it).

    Enbridge’s route currently crosses through unsurrendered, sovereign First Nations territory, and has been met with intense opposition. Though constitutionally illegal to develop First Nations territory without permission, the Canadian government has still issued permits to begin pipeline construction through sovereign aboriginal territory. The Witsuwit’en people, whose encampment sits directly in the line of the pipeline, for example, have vowed not to let Enbridge into their territory, and would consider such an infringement “an act of war.” It’s hard to overstate many Canadians’ hate for the Enbridge pipeline; some have predicted more desperate acts of protest in the days and weeks to come."



  3. 3
    zman Says:

    re 1 – 2 – thanks

    Note the 12 month strip in the wrap table for natural gas is incorrect and should read $4.29

  4. 4
    Zorgnak Says:

    #1  This should add some fuel to the fire..


  5. 5
    zman Says:

    re 4 – that's just really unfortunate. 

  6. 6
    Zorgnak Says:

    #5..Interesting how the elements of fanatical mass movements don't change….in politics or markets


  7. 7
    gdr Says:

    Z—any recent thoughts on RICE appreciated. Thanks.

  8. 8
    Zorgnak Says:

    S&P Short Term Areas of Interest  7/7 8:18 am ES 1972 SPY Levels in ()

    Notes…… Multiple minor CLVN support levels 1937.50,1919.25. Major Support at 1894.50CLVN. Demand volume positive and ease movement positive.  Breadth trend supportive, small caps approaching extreme overbought. Nasdaq relative strength. Risk sectors positive. Fear/Greed Index = Extreme greed. Primary uptrend intact, short term extended.

    Thoughts…… Market continues to search for sellers. Short term bulls in control above the CHVN at  1952(195.80).

    1952                  CHVN/Volume Pivot(195.80) Positive Bias above this level

    1937.50             Minor CLVN/Support

    1919.25             Minor/Support(193)

    1894.50             Major CLVN/Support(190.50)


    SP500 Futures  




  9. 9
    zman Says:

    The Monday post will be up by 9 am EST. 

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