03
Dec

Wrap – Week Ended 12/2/16

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Interesting week as we expected OPEC to finally act after the changing of the Saudi and team lead rolls earlier this year and act they did.

The ZLT was up 6% and is up 46.4% year to date.

The XOP was up 6% and is up 39.1% YTD.

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Have a great weekend,

Z

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3 Responses to “Wrap – Week Ended 12/2/16”

  1. 1
    brodway Says:

    XLE the energy SPDR up over 23% on the year and leads all other sectors.

     

  2. 2
    zman Says:

    Bakken Watch: The U.S. Army Corps of Engineers denies easement to allow Dakota Access Pipeline access below reservoir effectively blocking further progress on the nearly completed 1,172 mile pipeline. Expect some weakness in the Bakkens despite the current lack of takeaway capacity tightness. Our thought is this is reversed quickly under the new administration. 

  3. 3
    nrgyman Says:

    RE 2:  ACE granted the permits long ago and now are denying the perfunctory easement.  After $Bs invested based on permits granted following a 2+ year process of hearings and attempted collaboration with stakeholders.  Clearly a politically motivated move.  Would not be surprised to see a lawsuit over this to recover damages, but with less than two months until the new admin tales over they may decide to wait.  As you say, likely to be approved eventually.

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