20
May
Wrap – Week Ended 05/19/23
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The ZLT was up 4.8% on the week last week. We've been slowly building positions in gassy names and though the wedge in the portfolio is still smaller than the oily upstream one the group appears to be trying to bottom. Natural gas, as noted for several weeks, is also in a bottoming process.
Holdings Watch:
- We added to one gassy upstream name, one oily upstream name, and one oil service name last week.
- The blotter is updated
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.
Have a good weekend,
Z
On Friday the oil directed rig count fell to 575, one rig fewer than the year ago week.
May 20th, 2023 at 11:56 amAlso on Friday, the US estimated active frac crew count fell by another 10 to 262, down 26 or 9% from year ago levels.
May 20th, 2023 at 11:57 amTake note of the sharp reversal in ICE longs vs shorts for non commercials (speculators) since January when they were very much net short to the most recent data in which they have flipped long and become increasingly net long.
May 20th, 2023 at 12:02 pmThe trading positions of non-commercial players such as hedge funds are near the most bearish levels since at least 2011 across a combination of all major oil contracts.”
@Bloomberg
May 21st, 2023 at 6:40 pmhttps://flic.kr/p/2oBZcxA