$NATGAS - Long natural gas equities due to structural supply destruction from Qatar LNG facility damage and ongoing Middle East energy infrastructure attacks.
$COAL - Long coal equities as energy crisis drives demand for alternative energy sources.
$AGRICULTURE - Long agricultural commodities as rising fuel and fertilizer costs combined with poor farming margins create supply constraints while demand remains inelastic.
Bearish:
$SOFI - Muddy Waters released a short report on SoFi.
$EWJ - Short Japan equities due to high energy import dependency and vulnerability to Strait of Hormuz disruption.
$EWY - Short South Korea equities as they are highly dependent on energy imports through the Strait of Hormuz.