<![CDATA[HFI Research: Trades]]>https://www.hfir.com/s/tradeshttps://substackcdn.com/image/fetch/$s_!Ucpd!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F12fbcf47-fcef-46ba-b6de-b827d1d73499_771x771.pngHFI Research: Tradeshttps://www.hfir.com/s/tradesSubstackWed, 12 Aug 2026 12:49:35 GMT<![CDATA[Trade Alert - Buying Parex, Geopark, And NSE (Colombian oil producer trade)]]>https://www.hfir.com/p/trade-alert-buying-parex-geoparkhttps://www.hfir.com/p/trade-alert-buying-parex-geoparkMon, 06 Jul 2026 17:28:38 GMTTrade Alert

Buying $200,000 or C$284,340 PXT.TO at C$20.75 or 13,703 shares.

Buying $200,000 GPRK at $9.28 or 21,551 shares.

Buying $50k or C$71,075 NSE.V at C$0.57 or 124,650 shares.

Please see the rationale for why (public article):

Analyst’s Disclosure: I/we have a beneficial long position in the shares of NSE.V, PXT.TO, GPRK either through stock ownership, options, or other derivatives.

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]]><![CDATA[Trade Alert - Buying NSE.V]]>https://www.hfir.com/p/trade-alert-buying-nsevhttps://www.hfir.com/p/trade-alert-buying-nsevThu, 02 Jul 2026 15:25:48 GMTTrade Alert

Bought 125,000 shares of NSE.V at C$0.56.

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]]><![CDATA[Trade Alert - Buying SU And MNR]]>https://www.hfir.com/p/trade-alert-buying-su-and-mnrhttps://www.hfir.com/p/trade-alert-buying-su-and-mnrWed, 01 Jul 2026 17:04:20 GMTTrade Alert

Buying $200,000 of SU at $53.44 or 3,742 shares.

Buying $200,000 of MNR at $12.66 or 15,797 shares.

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]]><![CDATA[Trade Alert - Selling BNE.TO And Buying BNO]]>https://www.hfir.com/p/trade-alert-selling-bneto-and-buyinghttps://www.hfir.com/p/trade-alert-selling-bneto-and-buyingMon, 15 Jun 2026 19:05:37 GMTTrade Alert

Selling all of our BNE.TO positions in the oil trading accounts and buying BNO.

Sold all of BNE.TO at C$6.05 for a loss of 12.8%. (2023 cost basis)

Buying $250,000 of BNO at $45.92 or 5,444 shares.

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]]><![CDATA[Trade Alert - Long BNO Calls]]>https://www.hfir.com/p/trade-alert-long-bno-calls-afbhttps://www.hfir.com/p/trade-alert-long-bno-calls-afbTue, 09 Jun 2026 13:45:10 GMTTrade Alert

Long 420 Jan 2027 BNO calls, strike $60, for $6.80, or $285,600.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of BNO calls either through stock ownership, options, or other derivatives.

]]><![CDATA[Trade Alert - Long BNO Calls]]>https://www.hfir.com/p/trade-alert-long-bno-calls-276https://www.hfir.com/p/trade-alert-long-bno-calls-276Fri, 08 May 2026 13:44:48 GMTTRADE ALERT

(HFI Portfolio)

I bought 265 BNO Jan 2027 $70 strike calls for $6.31, $167,215.

]]><![CDATA[Trade Alert - Raising Cash]]>https://www.hfir.com/p/trade-alert-raising-cashhttps://www.hfir.com/p/trade-alert-raising-cashMon, 04 May 2026 17:12:53 GMTTrade Alert

Selling all of Chemours at $26.71 for a gain of 126.55%.

Selling all of AdvanSix at $25.23 for a gain of 45.84%.

Selling all of MPLX at $57.13 for a gain of 7.05%.

Selling all of Alibaba at $134.42 for a gain of 14.70%.

Selling all of Pinduoduo at $98.11 for a loss of 23.05%.

We are raising cash to be ready to deploy when more opportunities come. 

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]]><![CDATA[Trade Alert - Long BNO Calls]]>https://www.hfir.com/p/trade-alert-long-bno-callshttps://www.hfir.com/p/trade-alert-long-bno-callsFri, 01 May 2026 15:08:00 GMTTrade Alert

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]]><![CDATA[Trade Alert - Long CNQ]]>https://www.hfir.com/p/trade-alert-long-cnqhttps://www.hfir.com/p/trade-alert-long-cnqMon, 27 Apr 2026 19:38:35 GMTTrade Alert

Long 10% in CNQ in the HFI Portfolio.

CNQ is trading at 6.8x EV/FFO at $85/bbl WTI. We don’t think that’s right at all. This is the best Canadian oil producer by a mile with decades of inventory.

Long $500,000 of CNQ at $44.98 or 11,115 shares.

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]]><![CDATA[Trade Alert - Long BNO Call Option]]>https://www.hfir.com/p/trade-alert-long-bno-call-optionhttps://www.hfir.com/p/trade-alert-long-bno-call-optionThu, 16 Apr 2026 17:25:50 GMTTrade Alert

Long 1,500 BNO $60 strike calls at $3.45 July 17, 2026 expiry in the HFI Portfolio.

This is a conviction bet position for us.

Rationale:

Backwardation roll yield in Brent futures offer BNO a natural upside return over the coming months. BNO is currently in June futures with rolls to July contracts expected soon.

June Brent is trading at $99.57 wh…

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]]><![CDATA[Trade Alert - Selling Tronox And Kronos]]>https://www.hfir.com/p/trade-alert-selling-tronox-and-kronoshttps://www.hfir.com/p/trade-alert-selling-tronox-and-kronosFri, 10 Apr 2026 17:38:12 GMTTrade Alert

Selling all of Tronox and Kronos.

Sell all of TROX at $9.16 for a gain of ~145.5%.

Sell all of KRO at $6.61 for a gain of ~33%.

Reasoning:

Our oil market view is that demand destruction is coming. Economically sensitive names like TROX and KRO will be negatively impacted. Names like Chemours will be partially insulated due to the refrigerant busi…

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]]><![CDATA[Trade Alert - Buying More USO And UCO]]>https://www.hfir.com/p/trade-alert-buying-more-uso-and-ucohttps://www.hfir.com/p/trade-alert-buying-more-uso-and-ucoWed, 08 Apr 2026 13:41:50 GMTTrade Alert

Buying more USO and UCO for the HFIR Oil Trading Portfolio.

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]]><![CDATA[Trade Alert - Long USO And UCO]]>https://www.hfir.com/p/trade-alert-long-uso-and-ucohttps://www.hfir.com/p/trade-alert-long-uso-and-ucoTue, 10 Mar 2026 18:58:40 GMTTrade Alert

Both are for the oil trading portfolio.

Long USO at $103.15 for $100,000 or 969 shares.

Long UCO at $33.14 for $50,000 or 1,508 shares.

Rationale:

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]]><![CDATA[Trade Alert - Closing Our USO Position]]>https://www.hfir.com/p/trade-alert-closing-our-uso-positionhttps://www.hfir.com/p/trade-alert-closing-our-uso-positionTue, 03 Mar 2026 18:42:22 GMTTrade Alert

Closing our USO long position at $90.15 for a gain of 22.55%.

WTI reached our target of $75 and was not able to hold. We believe most of the geopolitical risk premium is priced in. However, if tanker flows continue until the end of this week, we will have been early in selling our USO long position. We are fine with missing the last leg.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours.

]]><![CDATA[Trade Alert - Long BOIL]]>https://www.hfir.com/p/trade-alert-long-boil-11ehttps://www.hfir.com/p/trade-alert-long-boil-11eFri, 27 Feb 2026 16:24:43 GMTTrade Alert

Long $100k of BOIL at $16.35 or 6,116 shares.

No stop-loss on this as we will monitor it closely.

Rationale:

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]]><![CDATA[Trade Alert - Exiting UCO]]>https://www.hfir.com/p/trade-alert-exiting-ucohttps://www.hfir.com/p/trade-alert-exiting-ucoFri, 20 Feb 2026 19:06:08 GMTTrade Alert

Exiting all of UCO at $24.89 for a gain of 17.52%.

We are not making any changes to our USO position.

Rationale: Please see our update from yesterday.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of USO either through stock ownership, options, or other derivatives.

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]]><![CDATA[Trade Alert - Exiting UNG]]>https://www.hfir.com/p/trade-alert-exiting-unghttps://www.hfir.com/p/trade-alert-exiting-ungFri, 13 Feb 2026 19:53:47 GMTTrade Alert

Selling all of UNG at $12.49 for a gain of 1.21%.

We don’t like the weather risk related to the March contracts. We are keeping our BOIL long position.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of BOIL either through stock ownership, options, or other derivatives.

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]]><![CDATA[Trade Alert - Long UNG And BOIL ]]>https://www.hfir.com/p/trade-alert-long-ung-and-boilhttps://www.hfir.com/p/trade-alert-long-ung-and-boilWed, 11 Feb 2026 20:03:42 GMTTrade Alert

We are going long $150k of UNG (March Henry Hub contracts) at $12.34 or 12,155 shares.

We are going long $75k of BOIL (May Henry Hub contracts) at $18.97 or 3,953 shares.

Stop-loss for UNG is $11.19.

Stop-loss for BOIL is $16.55.

Rationale:

Weather models have ebbed and flowed over the past week and the latest forecast is not the torch pattern the…

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]]><![CDATA[Trade Alert - Selling BOIL]]>https://www.hfir.com/p/trade-alert-selling-boilhttps://www.hfir.com/p/trade-alert-selling-boilFri, 30 Jan 2026 19:14:02 GMTTrade Alert

Selling all of our BOIL long position at $39.46.

Weather models have introduced more uncertainty in the forecast. We will come back at a later time if we find the risk/reward more attractive.

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]]><![CDATA[Trade Alert - Long UCO]]>https://www.hfir.com/p/trade-alert-long-uco-6e5https://www.hfir.com/p/trade-alert-long-uco-6e5Wed, 21 Jan 2026 17:44:37 GMTTrade Alert

The oil market is not pricing in the incoming cold risk correctly. While the natural gas market always tends to price it in almost immediately, the oil market is not.

Looking at the current projections, US crude oil production will fall by ~500k b/d from freeze-off for the last week of Jan. Spike in heating demand from the US to Europe will bo…

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