03
Sep

Wrap – Week Ended 09/01/17

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The ZLT was up 2% last week and is down 24% YTD.  The XOP was up 3% last week (aided by refining components) and is down 26.1% YTD. The OIS was up 1% last week and is down 32.5% YTD. Questions and comments under The Wrap will be addressed in the Tuesday post. 

The Blotter is updated.

Note the rise in the crude strip and the big jump in shorts (up 34%) due to Harvey. Shorts in for short term thoughts of refiner outages. They, like crack spreads, to bleed lower soon. 

Note the natural gas rally this week, near month and strip up 5%, as repeatedly better than expected (smaller) injections increasingly point to a sub 3.9 Tcf seasonal peak and despite a mild September forecast.   We expect a much bigger injection next week but see no cause for pause at this time on a fairly sustainable move holding in the $3.00 to $3.30 range near term. 

Have a great long weekend.

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3 Responses to “Wrap – Week Ended 09/01/17”

  1. 1
    zman Says:

    Futures up after refiner and pipeline restart news over the weekend and OPEC /Non OPEC extension comments. 

    http://www.cx-portal.com/wti/oil_en.html

  2. 2
    zman Says:

    Irma is now tracking both side of Florida – primary path takes it right to Florida. 

  3. 3
    zman Says:

    Good chance Irma is Cat 3+ over Florida by end of week.   Crap. 

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