Wrap – Week Ended 12/09/22



Sloppy week in energy. The ZLT was down 13.2% on the week last week as oil continued to slide ahead of the Fed's move / comments this coming week and OPEC+ remained quiet as crude fell 10%.  We nibbled in a few names but the week saw largely light volume, traction-less action in the oily, gassy, and oil service spaces. We model for $80 in 2023 with a $70 sub case. Our names are inexpensive at either deck and several offer strong forward yields based upon free cash flow available at those levels. Please see The Week That Was in tomorrow's post for additional color.

Holdings Watch:

  • We added to one of our smaller gassy holdings last week more than doubling the position.
  • We added to one of our oily names last week as well.
  • We sold our position in RES, up 16%.
  • The blotter is updated.

Questions and comments under The Wrap will be addressed in the Monday post.

Questions about the site may be addressed to zman@zmansenergybrain.com


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