Wrap – Week Ended 05/19/23



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,


4 Responses to “Wrap – Week Ended 05/19/23”

  1. 1
    zman Says:

    On Friday the oil directed rig count fell to 575, one rig fewer than the year ago week. 

  2. 2
    zman Says:

    Also on Friday, the US estimated active frac crew count fell by another 10 to 262, down 26 or 9% from year ago levels. 

  3. 3
    zman Says:

    Take 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.

  4. 4
    Zorgnak Says:

    The 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.”


Leave a Reply

Zman's Energy Brain ~ oil, gas, stocks, etc… is is proudly powered by Wordpress
Navigation Theme by GPS Gazette