NYMEX Model Portfolio Purchase Alert | 03.19.2025

Adding a defensive layer of coverage amid ongoing market risks.

We are issuing our inaugural purchase in the NYMEX Model Portfolio. Details of the buy are in the main body of the post and in the attached document, but first, some notes:

• We are starting this from scratch, so we are not assuming any positions were put on for the upcoming summer or following winter at any point in the past. We are mimicking a scenario where we take on a new client that has no existing hedge positions but wants to start initiating a forward purchasing program.

• Part of this program includes comparing the Pinebrook position to a benchmark “Dummy Hedge.” We recognize that we are kicking this off in a tough market and our initial positions will be at a steep disadvantage to the Dummy Hedge benchmark, which has been building up over the past 18 months. This will correct itself over time.

• You’ll find a lot of answers in this post, but feel free to reach out directly if you have additional questions.

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