17
Mar
Wrap – Week Ended 3/15/24
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We are traveling this weekend so this will be brief. The ZLT was up less than 1% last week as action settled into digestion mode for several of our bigger names in the wake of 4Q reports. We continue to roll out updated cheat sheets with 2024 and in some cases 2025 modeled numbers.
Notable numbers from the Wrap:
- WTI settled over $81 for the first time this year and Brent is over $85.
- The US 3-2-1 crack is at a very healthy $33 and refiners are largely done with spring maintenance and taking more oil.
- Naturall gas remains extremely overstored and we expect spring to see an EOS under 2.3 Tcf vs thoughts of 1.9 to 2.0 Tcf prior to winter. Non heating related fundamentals however continue to shape nicely and more large upstream names are deferring activity and curtailing given weak pricing.
Holdings Watch:
- We added to one upstream name and one sand play last week.
- The blotter is udpated.
Questions and comments under The Wrap will be addressed in the Monday post.
Questions about the site may be sent to zmanalpha@gmail.com
Have a good weekend,
Z
