Why ET screens cheap on FCF

The thesis

Inventories are drawing faster than the curve implies — backwardation tells the story.

Distribution coverage is comfortable even at a lower strip.

What I'm watching

• crack spreads
• crack spreads
• A clean move through the level I flag below

Positioning

Short on ET, 6-36 months horizon. Conviction: High. A strip collapse would pressure payouts; coverage is the cushion.

Opinion, not investment advice. The author may or may not hold positions discussed.