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Volatile week with the ZLT down 6.0% on the week after hitting HOY on Monday, retreating on lower traditional, service, and renewables ahead of non farm payrolls and Monday's OPEC+ meeting.
Holdings Watch:
- We added to two of our frac names last week, one gassy upstream name and one LNG name.
- The blotter is updated
Questions and comments under The Wrap will be addressed in the Tuesday post.
We'll have some comments under this post when OPEC+ makes their decision. Our informal twitter poll shows an expectation of a pause with this meeting though we suspect OPEC+ may be leaning towards trimming quotas if not production.
Questions about the site may be directed to zman@zmansenergybrain.com
Enjoy the 3 day weekend,
Z
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https://www.reuters.com/business/energy/opec-weigh-rollover-or-small-cut-monday-meeting-sources-say-2022-09-04/
https://www.investing.com/commodities/crude-oil
Last week: Cooling Degree Days (CDDs) came in at 74 vs 53 normal and 70 in the prior week.
“Russia’s gas supplies to Europe will not resume in full until the “collective west” lifts sanctions against Moscow over its invasion of Ukraine” ~ Kremlin
https://www.ft.com/content/2624cc0f-57b9-4142-8bc1-4141833a73dd?shareType=nongift
OPEC+ JMMC at 7 am EST. OPEC+ meeting at 7:30 am EST.
OPEC+ main discussion said to be token cut of 0.1 mm bopd.
OPEC+ reverts to August level (reduces by 0.1 mm bopd).
Next meeting October 5th.
https://www.opec.org/opec_web/en/press_room/7002.htm
WTI up $3+ to $90
Good evening everyone, I’ve missed my energy rollercoaster over this extended holiday weekend! I can’t wait to see what Tuesday brings us – I’m expecting some fireworks.