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Volatile week last week with economic data and the Fed driving some profit taking in the energy space. The ZLT was off 3.2% on the week after strong end of week gains on better than expected key name results (CIVI in particular).
Holdings Watch:
- We added to two oily positions and one gassy upstream position last week.
- The blotter is updated
Questions under The Wrap will be addressed in the Monday post.
Questions about the site may be directed to zmanalpha@gmail.com.
We have another busy week of earnings ahead. Please see the updated calendar here.
Have a good rest of the weekend,
Z
Saudi raised OSP’s to Asia and Europe and maintained their large premium to the US
Saudi Arabia Hikes Oil Selling Prices for All Grades to Asia
Aramco boosts Arab Light price to Asia for a third month
OPEC+ seen extending supply cuts through year end; prices likely to hit margins
https://www.bloomberg.com/news/articles/2024-05-05/saudi-arabia-hikes-oil-selling-prices-to-asia-across-all-grades?utm_content=middleeast&utm_medium=social&utm_source=twitter&utm_campaign=socialflow-organic&sref=f2E6A62x
The “new norm” for oil is $80-$100, IMO.
re 3 – hear ya.
The Monday post will be out after 8 am EST today as we await results from AESI.