Over 40% of the SPR Drained

HFA Padded
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This is the equivalent of cashing in your only life insurance policy in your 30’s with a wife and kids to buy a house..

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If something goes wrong it’ll be really bad really fast.

Q4 2022 hedge fund letters, conferences and more

Energy Assets
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“Davidson” submits:

  • Total US Crude Inv declines 1mil BBL(a rise of 1.7mil BBL working inv and decline of 2.7mil SPR) US Crude Production rose 0.1mil BBL to 12.1mil BBL/Day, US Crude Imports declined ~1.3mil BBL/Day(8.97mil BBL/Week). Fudge factor was 0.064mil BB/Day(0.45mil BLL/Week)
  • Refined Product Inv held roughly steady as US exports of refined products held near recent lows. Refinery inputs declined 3mil BBL in this report due to Suncor’s refinery fire and shutdown.

HFA Padded

Todd Sullivan is a Massachusetts-based value investor and a General Partner in Rand Strategic Partners. He looks for investments he believes are selling for a discount to their intrinsic value given their current situation and future prospects. He holds them until that value is realized or the fundamentals change in a way that no longer support his thesis. His blog features his various ideas and commentary and he updates readers on their progress in a timely fashion. His commentary has been seen in the online versions of the Wall St. Journal, New York Times, CNN Money, Business Week, Crain’s NY, Kiplingers and other publications. He has also appeared on Fox Business News & Fox News and is a RealMoney.com contributor. His commentary on Starbucks during 2008 was recently quoted by its Founder Howard Schultz in his recent book “Onward”. In 2011 he was asked to present an investment idea at Bill Ackman’s “Harbor Investment Conference”.