21
May
Wrap – Week Ended 05/20/22
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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
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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.
May 21st, 2022 at 11:27 amhttps://ibb.co/9y7WLKH
JP Morgan’s 2022 Energy Paper
May 21st, 2022 at 11:54 amhttps://privatebank.jpmorgan.com/gl/en/insights/investing/eotm/annual-energy-paper
Thanks Zorg.
May 21st, 2022 at 2:45 pmStocks 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/
May 22nd, 2022 at 11:52 amhttps://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
May 22nd, 2022 at 11:58 amDaily
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.
May 22nd, 2022 at 12:02 pmDaily
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.
May 22nd, 2022 at 12:05 pmDaily
https://ibb.co/Z6vM0df
General Market
May 22nd, 2022 at 11:44 pmS&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..
May 22nd, 2022 at 11:58 pm2 Hour chart
https://ibb.co/XkFtQqd