Integrated names are steadier than the explorers today. The crack supports downstream, not the drillbit. XOM is an example of that reading, not an order.
A book that buys the sector as one block buys both halves. On a day with a falling prompt and a firm crack, those are two directions.
The note separates the halves. It does not set a weight.
What the desk is watching
- Integrated names steadier
- The crack supports downstream
- The sector is not one block today