.
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ZLT up 4.9% last week, supported by our core upstream names and a bounce in the small renewables wedge of the portfolio. Traditional energy ranged from up 0.3% (XOI) to up 2.4% (XOP). We have a number of names near their 52 week highs while trading at/near record forward implied yields, but still at forward multiple recent lows on conservative price decks ($80 and $4.25 for 2022).
Free Stuff Last Week Watch: None
Holdings Watch:
- We added to one LNG tied play and we added a speculative name in frac.
- The trading blotter is updated.
- The positions page will be updated Sunday.
Questions about the site may be directed to zman@zmansenergybrain.com
Questions and comments under The Wrap will be addressed in the Subscriber Mailbag section of the Monday post as needed.
Have a good weekend,
Z
.
If you’re still looking…
Energy as a % of the S&P 500. As of 5/20. Per Fidelity
https://ibb.co/1mRKPWt
Some other data on the sector.
https://ibb.co/9y7WLKH
JP Morgan’s 2022 Energy Paper
https://privatebank.jpmorgan.com/gl/en/insights/investing/eotm/annual-energy-paper
Thanks Zorg.
Stocks that have broken above their value area highs…Looking for another leg up.
CIVI 3rd try. Needs to get above 66 to leg up.
Daily Demand volume supports a move higher/
https://ibb.co/phdXxVD
65 Minute
https://ibb.co/ZGQn2ZG
SHLS Held the break above value during last weeks volatility. Demand volume continues to trend up. Begins to clear major supply with a move above 16
Daily
https://ibb.co/8xLb2wX
65 Minute Closed the gap last week…looking to retest that level.
https://ibb.co/8xLb2wX
AR Broke and held above value last week. Demand volume supportive of higher.
Daily
https://ibb.co/xgVfdKt
65 Minute Next upside target at 37.48
https://ibb.co/jz3vtDH
TPIC has been on a run and about to test it’s value area high for the month. 16 is the big breakout level to my eye. Clears congestion with a large volume gap to run through.
Daily
https://ibb.co/Z6vM0df
General Market
S&P futures open up this evening. The 3900 level remains the point of control in the market. Note the volume gap above 3792. Room for a bounce but defined resistance and a years worth of supply just overhead starting above 4100. If acceptance at 3900 fails to hold next area of support is at 3600..
https://ibb.co/dLZ4JXw
Crude Oil Opened up this evening. Trading well above previous value. Support briefly last week and looks to test 115 again.
https://ibb.co/6PwFJj0
Nat Gas Futs Consolidating within an uptrend.
Daily
https://ibb.co/HXsQd9z
7.86 is a level of interest going back to the beginning of May….Currently it is acting as support..
2 Hour chart
https://ibb.co/XkFtQqd