FreeKMI4 min read
The KMI setup the barrel bears miss
KMI
Delayed
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.
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
2 commentsSaved. The watch-list section alone is worth it.
This lines up with what I'm seeing in the KMI tape.