Update on crude/oil equity

This trade has done fabulously (I use the word "fabulously" in a completely hetero way). Since the last post Jan crude is up 2.5% while COP is up by 12.6%. That's an enormous gain on an esentially hedged position. Time to take profits? Well, the foward carry on the NYMEX is off, lessening the conceptual basis for the trade. OTOH, the trend is your friend. I'm staying with it for now.