FreeEnergyKMI4 min read
The KMI setup the barrel bears miss
KMI chart · D
The thesis
Inventories are drawing faster than the curve implies — backwardation tells the story.
Capital discipline is finally structural, and FCF yields reflect disbelief.
What I'm watching
- KMI FCF yield at strip
- KMI FCF yield at strip
- A clean move through the level I flag below
Positioning
Neutral / hedged on KMI, 6-36 months 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.
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