Monday, June 2, 2008

Commodity strength on a weak day

There is a lot of news out this morning for my portfolio companies, including some of the biotechs which presented at ASCO over the weekend. The bigger (if quieter) story for me today, however, is the sharp move higher in natural gas. At these price levels, drilling activity should pick up, even if gradually at first. My largest holding is now Nabors (common 7.1% of portfolio, calls 4.0%), so I hope to benefit through them in the coming year.