22
Apr
Wrap – Week Ended 04/21/23
.
.
The ZLT was down 6.0% on the week last week as the traditional energy groups retreated. Oil Service names kicked off the 1Q23 reporting season with largely better than expected results but it's early in the season (4 of 78 names we care about have now reported) and we saw low volume slippage this week after 4 weeks of gains that left gaps in charts with the early April OPEC+ voluntary curtailment news.
Note from The Wrap table below that ICE natural gas futures flipped from net negative to net positive (the result of both additional covering and a huge build in longs) for the first time in a long, long time. We continue to see natural gas as overdone to the downside.
The calendar link at left contains the latest versions of the 1Q23 Energy Earnings Calendar and So Far Quarter. The coming 2 weeks are a lot busier on the reporting front.
Holdings Watch:
- We added one niche Oil Service position as a trade last week and added to one Permian upstream name.
- The blotter is updated
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
Is ‘electric’ LNG the wave of the future, or an anomaly ?
https://www.galvnews.com/news_ap/business/glenfarne-energy-transition-s-texas-lng-receives-its-order-on-remand-from-ferc/article_ba9df861-bc92-5ec7-9ab4-769131b2ef9b.html?block_id=531919
April 24th, 2023 at 6:15 am