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Dec
Wrap – Week Ended 12/15/23
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We were traveling most of last week and the ZLT ended up 4.4% on the week. Sadly, travel will be limited near term.
- Oil and gas names edged off recent lows as the commodities seemed to find comfort levels and as equities were buoyed by decent data and a less hawkish sounding Fed.
- The EIA oil weekly was fairly benign.
- The EIA natural gas storage report of -55 Bcf was in line with our range of - 55 to -60 Bcf.
- We are looking for a withdrawal of -90 Bcf in the coming week.
- Active frac spreads tumbled but this is a seasonal move and we'd expect an early 2024 recovery.
- Renewables again performed well last week, in the wake of a very poor year to be sure, on lower interest rate hopes.
Holdings Watch:
- No trades last week. We've recently been adding to oily and gassy upstream positions as well as oil service.
- The blotter may be found here.
Questions and comments under The Wrap will be addressed in the Monday post.
Questions about the site may be addressed to zman@zmansenergybrain.com or zmanalpha@gmail.com
Have a good weekend,
Z
PEMEX debt woes extend to Supplier base………NFE may be a candidate as THEY STIFF PARTNERS just as well as Suppliers.
https://www.reuters.com/business/energy/pemexs-failure-pay-debts-threatens-suppliers-survival-industry-warns-2023-12-15/
December 17th, 2023 at 11:18 am