FreeEnergyOXY6 min read
OXY: capital discipline is the alpha
OXY chart · D
The thesis
The market is pricing a recession the physical data doesn't show yet.
Capital discipline is finally structural, and FCF yields reflect disbelief.
What I'm watching
- crack spreads
- crack spreads
- A clean move through the level I flag below
Positioning
Long on OXY, 2-10 weeks horizon. Conviction: Low. A strip collapse would pressure payouts; coverage is the cushion.
Opinion, not investment advice. The author may or may not hold positions discussed.
Drag the grip on a chart or video card to move it · click the chevron to collapse.
Comments
0 commentsBe the first to comment.