24
Apr
Wrap – Week Ended 4/22/22
.
.
Solid week until Thursday arrived, Fed Chairman Powell spoke, and everything took a break. The ZLT ended the week down 7%. Meanwhile, the first week of energy earnings was more positive than expected and we took the opportunity to add to names in oil service as they retreated from recently set highs. Things get very busy next week as we have 6 owned names and 14 names of interest reporting. Please see the 1Q22 calendar at left for details.
Free Stuff Last Week:
- Last Thursday's post was open to the public.
- We continue to see strong readership of this post on recently IPO'd LNG name EE from April 9th.
Holdings Watch:
- We sold two lots of HPK as it extended towards our Stretch target area, up 164% and 182% each.
- We added to one solar tied names on a group pull back and two frac names.
Numbers of Note from The Wrap table below:
- Oil
- Retreated on weak demand news out of China and despite ongoing disruptions from Libya and a positively weekly out of EIA. -
- Exports hit their highest level since 2020 and their third highest level on record.
- A cycle high 4.7 mm barrels were released from the SPR. This is connected to the exports level.
- Crack spreads remains extremely high.
- Natural Gas
- Retreated sharply as we have been saying was likely for a couple of weeks now.
- Non commercial short Interest declined notably for only the second time this year (just as prices peaked).
- Renewables:
- The solar segment got slammed by DoC ruling speculation (something that won't be handed down even in a preliminary fashion until August.
Housekeeping Watch: Non subscribers: We have not instituted a pricing increase since 2006. Prices will rise May 1, 2022 for new subscribers. Existing subscribers will see no change.
Questions and comments under The Wrap will be addressed in the Monday post.
Questions about the site may be directed to zman@zmansenergybrain.com.
Have a good weekend,
Z
.
