The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABRDN PALLADIUM ETF TRUST PHYSICAL PALLADM 003262102 BBG001T6GDX0 11,083,240 96,309 SH   SOLE   96,309 0 0
ANTERO RESOURCES CORP COM 03674X106 BBG001T61KH8 97,357,071 3,835,976 SH   SOLE   3,835,976 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 BBG001S8JFB3 10,811,984 431,961 SH   SOLE   431,961 0 0
ARCH RESOURCES INC CL A 03940R107 BBG00DZB5DD0 18,431,280 108,000 SH   SOLE   108,000 0 0
CHESAPEAKE ENERGY CORP COM 165167735 BBG00Z6DX607 46,719,414 541,800 SH Call SOLE   541,800 0 0
CNX RES CORP COM 12653C108 BBG001SC7TN4 23,626,764 1,046,358 SH   SOLE   1,046,358 0 0
COMSTOCK RES INC COM 205768302 BBG001S8FX55 94,703,580 8,586,000 SH   SOLE   8,586,000 0 0
CONSOL ENERGY INC NEW COM 20854L108 BBG00HC115M9 90,621,153 863,799 SH   SOLE   863,799 0 0
COTERRA ENERGY INC COM 127097103 BBG001S6H6Y4 49,535,502 1,831,257 SH   SOLE   1,831,257 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C201 BBG010JCFCF2 95,343,062 6,494,759 SH   SOLE   6,494,759 0 0
ENERPLUS CORP COM 292766102 BBG001SGHVD0 138,332,289 7,845,736 SH   SOLE   7,845,736 0 0
ENOVIX CORPORATION COM 293594107 BBG00YC538B7 815,750 65,000 SH   SOLE   65,000 0 0
EQT CORP COM 26884L109 BBG001S5QXJ4 95,223,851 2,346,571 SH   SOLE   2,346,571 0 0
EQUITRANS MIDSTREAM CORP COM 294600101 BBG00K53L401 81,519,000 8,700,000 SH   SOLE   8,700,000 0 0
HF SINCLAIR CORP COM 403949100 BBG0135B2269 17,031,862 299,172 SH   SOLE   299,172 0 0
KOSMOS ENERGY LTD COM 500688106 BBG001SJV7R6 57,134,527 6,984,661 SH   SOLE   6,984,661 0 0
LOUISIANA PAC CORP COM 546347105 BBG001S5SW04 3,426,685 61,999 SH   SOLE   61,999 0 0
MARATHON PETE CORP COM 56585A102 BBG001S169P1 16,647,400 110,000 SH   SOLE   110,000 0 0
MURPHY OIL CORP COM 626717102 BBG001S5TG80 69,594,881 1,534,617 SH   SOLE   1,534,617 0 0
NOBLE CORP PLC ORD SHS A G65431127 BBG018KBK3H7 50,322,852 993,541 SH   SOLE   993,541 0 0
NUSCALE PWR CORP CL A COM 67079K100 BBG00YG48PG8 861,543 175,825 SH   SOLE   175,825 0 0
OLIN CORP COM PAR $1 680665205 BBG001S5TWW8 5,296,880 105,980 SH   SOLE   105,980 0 0
PEABODY ENERGY CORP COM 704551100 BBG00GBV89J5 58,573,455 2,253,692 SH   SOLE   2,253,692 0 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105 BBG00D61Y2G3 21,638,000 1,550,000 SH   SOLE   1,550,000 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 BBG001SFJFD5 86,098,800 6,280,000 SH   SOLE   6,280,000 0 0
PLAINS GP HLDGS L P LTD PARTNR INT A 72651A207 BBG001SZV282 20,547,664 1,274,669 SH   SOLE   1,274,669 0 0
PLUG POWER INC COM NEW 72919P202 BBG001S6GJB2 48,754,000 6,415,000 SH Put SOLE   6,415,000 0 0
RANGE RES CORP COM 75281A109 BBG001SBZNN8 152,417,132 4,702,781 SH   SOLE   4,702,781 0 0
SPROTT PHYSICAL PLAT PALLAD UNIT 85207Q104 BBG002DMRZ32 754,223 70,030 SH   SOLE   70,030 0 0
SUNCOR ENERGY INC NEW COM 867224107 BBG001S5YSF0 36,701,007 1,066,353 SH   SOLE   1,066,353 0 0
SUNNOVA ENERGY INTL INC. COM 86745K104 BBG00PLQ1KH9 19,893,000 1,900,000 SH Put SOLE   1,900,000 0 0
TENARIS S A SPONSORED ADS 88031M109 BBG001SLFCT6 10,270,000 325,000 SH   SOLE   325,000 0 0
UNITED STATES STL CORP NEW COM 912909108 BBG001S5XL75 145,795,217 4,488,769 SH   SOLE   4,488,769 0 0
VALERO ENERGY CORP COM 91913Y100 BBG001S5X8K9 16,327,826 115,220 SH   SOLE   115,220 0 0
W & T OFFSHORE INC COM 92922P106 BBG001SLLWL3 26,976,477 6,159,013 SH   SOLE   6,159,013 0 0
WARRIOR MET COAL INC COM 93627C101 BBG00GD1JNK4 132,297,200 2,590,000 SH   SOLE   2,590,000 0 0
WEST FRASER TIMBER CO LTD COM 952845105 BBG001S60WD8 23,280,239 320,000 SH   SOLE   320,000 0 0
WESTROCK CO COM 96145D105 BBG008NXC581 27,172,200 759,000 SH   SOLE   759,000 0 0