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Within we discuss: Inventories vs. curve: IEA May data show large crude and product draws and OECD stocks at multi‑decade lows, even as forward curves shift toward a post‑war surplus narrative. Demand gap: OPEC, IEA…

Rough day to be long crude, us included. Our front‑month WTI short didn’t come close to offsetting the hit to our Aug WTI calls and Dec‑27 long, and we’re now seriously debating closing that short…

for a total return of <drumroll> ~10bps since inception on January 9th 2026. Opening mark: $51.15 Closing mark: $50.75 This was a 2.2% position in the short book. CRK remains our primary Upstream gas short…

Short-term trades only here. Two-week life spans. 10 Longs vs. 10 Shorts. 100% sentiment driven. Our latest portfolio generated ~240bps in a volatile week as our FRMI Long and SOC Shorts were able to add…