FreeET6 min read
Why ET screens cheap on FCF
ET
Delayed
The thesis
Inventories are drawing faster than the curve implies — backwardation tells the story.
Distribution coverage is comfortable even at a lower strip.
What I'm watching
- crack spreads
- crack spreads
- A clean move through the level I flag below
Positioning
Short on ET, 6-36 months horizon. Conviction: High. A strip collapse would pressure payouts; coverage is the cushion.
Opinion, not investment advice. The author may or may not hold positions discussed.
Opinion. The author may or may not hold positions discussed. Not advice. Not a financial promotion approved under FSMA s.21. Quote data is delayed. Past performance is not a reliable indicator of future results.
Comments
1 commentThis thesis played out more or less as written.