23
Aug
Wrap – Week Ended 8/23/24
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We are on the road this weekend so this will be brief. The ZLT ended up 1.3% on the week this week, building on last week's larger rebound rally despite some indigestion in the oil markets mid week over the payrolls revision. The EIA oil weekly report was bullish (as weeklies go) with oil, gasoline, and distillates retreating further against their five year average levels. Our view continues to be that fears of recession are overblown and that fears of a 4Q24 OPEC+ meaningful de-curtailment are even more overblown. On the natural gas side we continue to track towards a 4 Tcf EOS and demand is setting up as expected for 2025.
Holdings Watch:
- We added twice to one of our large cap oily upstream holdings.
- The blotter is updated.
Questions and comments under The Wrap will be addressed in the Monday post.
Questions about the site can be sent to zmanalpha@gmail.com
Have a good weekend,
Z
Production Watch: Production on Friday was 100.8 Bcfgpd according to BNEF.
LNG Watch: LNG exports were 12.9 Bcfgpd on Friday according to BNEF.
August 25th, 2024 at 1:22 pmWe are looking for a build near +25 Bcf this week.
The Street is larger at +37 Bcf.
August 25th, 2024 at 1:28 pmLast Year : +28 Bcf
5 year average: +43 Bcf