02
Jul

Wrap – Week Ended 7/2/21

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No OPEC+ statement until Monday. Currently contemplated increased group output yields lower year end inventory levels as seasonal demand increase far outpaces loosening production curbs and expected non OPEC rebound.

Holdings Watch:

  • We added to one placeholder oily position making it core this week.
  • The Blotter is updated.

Questions and comments under The Wrap will be addressed in the Tuesday post. Questions about the site can be directed to zman@zmansenergybrain.com

Have a great long weekend.

Z

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9 Responses to “Wrap – Week Ended 7/2/21”

  1. 1
    crysball Says:

    Am puzzled about the UAE QUIBBLING. Over a higher OPEC+ base, when one of the EMIRATES [Abu Dhabi] is cutting their production ….5% in August & 15% in September.

    UAE’s ADNOC to deepen crude oil term supply cut in Sept -sources | Reuters

    https://www.reuters.com/world/middle-east/uaes-adnoc-deepen-crude-oil-term-supply-cut-sept-sources-2021-06-28/

  2. 2
    choices Says:

    https://www.bloomberg.com/news/articles/2021-07-01/energy-inflation-gathers-pace-as-european-gas-surges-to-record

    Apologies but article “may” be behind paywall: highlights surge in nat gas markets in Europe which prob has effect on US market. Z prob already noted.

  3. 3
    Anonymous Says:

    Oil stocks at breakout levels…
    XOP
    https://i.postimg.cc/PqmMgVG5/xop-1.png
    BCEI
    https://i.postimg.cc/hvhTtpYx/bcei-1.png
    MGY
    https://i.postimg.cc/XNZg3v6P/mgy-1.png

  4. 4
    Anonymous Says:

    SWN A break of June’s value area high at 5.77 would be a signal for next potential break higher…Buyers have been at or above major acceptance at 5.36 if we see a retest lower.
    https://i.postimg.cc/y8WfJyMV/swn.png

    AR Consolidating breakout. 14.11 potential support on any pullbacks….
    https://i.postimg.cc/GtKBQT5c/ar.png

    VEI Near support at 15.12…
    https://i.postimg.cc/XJ765ZdK/vei.png

  5. 5
    Anonymous Says:

    STEM Low volume breakout above June’s value area highs still valid above 35.75..Demand volume positive.
    https://i.postimg.cc/L5JXzQLV/stem.png

    SHLS Testing multi-month value highs at 35.37. Looking for a test of defined resistance at 36.38 with demand volume remaining strong in multiple time frames…
    https://i.postimg.cc/9f39tnPb/shls.png

    ARRY Waiting for a catalyst..Buyers have been at or below 15.50…
    https://i.postimg.cc/QdMbFw8y/arry11.png

  6. 6
    Anonymous Says:

    ENPH Not finding buyers in the volume gap (white dashes) with defined supply and resistance above that at 195.17…demand volume still positive but losing steam..
    https://i.postimg.cc/Y0kPZR6B/enph.png

  7. 7
    zman Says:

    OPEC+ meeting cancelled. UAE would not play ball.

  8. 8
    zman Says:

    WTI > $76

    https://www.investing.com/commodities/crude-oil

  9. 9
    zman Says:

    OPEC Watch:
    Meeting planned for Monday canceled after UAE would not budge on it’s production baseline reset demands.

    UAE has promised to comply with existing production levels, 

    No date has been set for the next group meeting,

    No official statement,

    According to Saudi, given no agreement no increase in production has been authorized.
    The agreement would have seen a 0.4 mm bopd increase per month beginning in August. 

    We expect either a new meeting date or a new deal to pop out in 1 or 2 weeks.

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