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Heatmap Commentary

posted Dec 13, 2011, 9:44 PM by Jeff Davies
Energy internals not feeling so good to me lately despite big move in oil early tuesday.  Oil services outperforming e&p's, big cap outperforming, oil outperforming.  Sneaky downdraft in a number of e&p names with double digit % losses in last 5 days, incl. PVA, FST, END, MMR, RRC, ATPG, REXX, GPOR, SGY, BBG, ROSE, COG, AREX.

E&P names that remain above 50, 100, 200 day moving avg = CVX, XOM, CLR, NOG, AREX, CXO, GEOI, KOG.  Can you say oil and Bakken working?  

Interesting to see RRC and COG start to break down, if just a little.  The concentrated Marcellus names ahead of the infrastructure curve have outperformed this year despite low natty.  Will the pressure on the nat gas curve finally make them crack?  EV/EBITDA multiples look high, but that kind of resource next to that kind of load (Northeast cities) just doesn't come along all that often.

Coal space just hammered.  Virtually every name below 50, 100 and 200 dma.

Oil services mixed, but ATW, DO, VTG, RIG, RDC, NE all below 50, 100, 200 dma....offshore rig names pricing in cost inflation, pending supply additions or an oil price drop?  I don't think the available number of UDW rigs for 2012 slots is very high.

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