09
Mar
Wrap – Week Ended 03/08/24
.
.
The ZLT was off 0.7% on the week last week and we are up 4% on the year. 4Q23 earnings season is almost done and reports were largely in line with expectations. We have been doing post quarter reviews and cheat sheet updates and after spring break these will accelerate into full updates.
- Oil prices look increasingly constructive.
- Natural gas sentiment remains poor though less so on the equity side than in the front portion of the 12 month strip.
- In fact, natural gas fundamental, disregarding absolute storage levels, are increasingly constructive as we exit the "winter" period and head into what appears to be a set up of:
- strong to record power burn,
- strong to record industrial demand,
- record net exports,
- and non record supply (production is dropping fairly rapidly and net exports just set a new record weekly high).
Holdings Watch:
- We added one Permian name last week.
- The trading blotter is updated.
Questions and comments under The Wrap will be addressed either this weekend if short or referenced and tackled in the Monday post.
Questions about the site can be sent to zmanalpha@gmail.com
Have a good weekend,
Z
