It’s interesting to watch the dramatic turnaround in our holding CHK. Post-Wildhorse deal the stock collapsed as oil prices fell and Wall St assumed prices would be low forever. Oil has rebounded higher and no the deal is being thought of a smart one and the stock has reacted accordingly (up over 50% YTD). Additionally, our DTO short has performed spectacularly (86% gain) and will continue to do so.
Q4 hedge fund letters, conference, scoops etc
“Davidson” submits:
Refining has picked up-US Crude Inv falls 9,589mil BBL to 439,483mil BBL which is basically inline with its 5yr Mov Avg at 438,920mil BBL-next report likely to show continued draw with additional refining coming on line which is typical this time of year.
Expect a continued decline in US Crude Inv below the 5yr Mov Avg to push $WTI higher with the historical market psychology response all things being equal.
