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
ANTERO RESOURCES CORP COM 03674X106   1,724,062 76,016 SH   SOLE   0 0 76,016
ARCH RESOURCES INC CL A 03940R107   1,996,626 12,032 SH   SOLE   0 0 12,032
ARDMORE SHIPPING CORP COM Y0207T100   2,081,099 147,700 SH   SOLE   0 0 147,700
BANCO BBVA ARGENTINA S A SPONSORED ADS 058934100   1,937,343 356,129 SH   SOLE   0 0 356,129
BANCO MACRO SA SPON ADR B 05961W105   2,217,059 77,249 SH   SOLE   0 0 77,249
BRASILAGRO COMPANHIA BRASILE SPONSORED ADR 10554B104   242,303 45,890 SH   SOLE   0 0 45,890
BRITISH AMERN TOB PLC SPONSORED ADR 110448107   277,478 9,473 SH   SOLE   0 0 9,473
CENTRAL PUERTO S A SPONSORED ADR 155038201   3,162,396 347,516 SH   SOLE   0 0 347,516
CHESAPEAKE ENERGY CORP COM 165167735   731,372 9,505 SH   SOLE   0 0 9,505
CIVITAS RESOURCES INC COM NEW 17888H103   244,469 3,575 SH   SOLE   0 0 3,575
CNX RES CORP COM 12653C108   1,278,742 63,937 SH   SOLE   0 0 63,937
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104   325,840 25,984 SH   SOLE   0 0 25,984
COMSTOCK RES INC COM 205768302   471,790 53,309 SH   SOLE   0 0 53,309
CRESUD S A C I F Y A SPONSORED ADR 226406106   1,769,516 186,657 SH   SOLE   0 0 186,657
DENISON MINES CORP COM 248356107   25,237 14,308 SH   SOLE   0 0 14,308
DHT HOLDINGS INC SHS NEW Y2065G121   2,683,659 273,563 SH   SOLE   0 0 273,563
DIAMOND OFFSHORE DRILLING IN COM 25271C201   1,228,110 94,469 SH   SOLE   0 0 94,469
DIAMOND OFFSHORE DRILLING IN COM 25271C201   106,600 8,200 SH Call SOLE   0 0 8,200
ECOPETROL S A SPONSORED ADS 279158109   338,129 28,366 SH   SOLE   0 0 28,366
EQT CORP COM 26884L109   1,572,433 40,673 SH   SOLE   0 0 40,673
EXPRO GROUP HOLDINGS NV COM N3144W105   837,793 52,625 SH   SOLE   0 0 52,625
FIRST TR EXCHANGE-TRADED FD NAT GAS ETF 33733E807   19,432 800 SH Call SOLE   0 0 800
FRONTLINE PLC COM M46528101   3,173,058 158,257 SH   SOLE   0 0 158,257
GEOSPACE TECHNOLOGIES CORP COM 37364X109   2,140,356 165,150 SH   SOLE   0 0 165,150
GERDAU SA SPON ADR REP PFD 373737105   277,515 57,219 SH   SOLE   0 0 57,219
GLOBAL X FDS GLOBAL X COPPER 37954Y830   1,310,318 34,941 SH   SOLE   0 0 34,941
GLOBAL X FDS MSCI GREECE ETF 37954Y319   3,530,260 95,283 SH   SOLE   0 0 95,283
GULF IS FABRICATION INC COM 402307102   840,448 194,098 SH   SOLE   0 0 194,098
HELIX ENERGY SOLUTIONS GRP I COM 42330P107   2,695,469 262,205 SH   SOLE   0 0 262,205
ICL GROUP LTD SHS M53213100   722,076 144,126 SH   SOLE   0 0 144,126
INTERNATIONAL SEAWAYS INC COM Y41053102   2,128,313 46,796 SH   SOLE   0 0 46,796
INTREPID POTASH INC COM 46121Y201   380,680 15,934 SH   SOLE   0 0 15,934
INVESCO DB MULTI-SECTOR COMM BASE METALS FD 46140H700   1,325,837 72,450 SH   SOLE   0 0 72,450
IRSA INVERSIONES Y REP S A SPON GDS ECH 10 450047303   436,864 50,798 SH   SOLE   0 0 50,798
LOMA NEGRA C I A S A MTN 14 SPONSORED ADS 54150E104   360,528 50,850 SH   SOLE   0 0 50,850
MATTERPORT INC COM CL A 577096100   2,690 1,000 SH Call SOLE   0 0 1,000
MIND C T I LTD ORD M70240102   230,396 117,548 SH   SOLE   0 0 117,548
MOSAIC CO NEW COM 61945C103   1,759,927 49,256 SH   SOLE   0 0 49,256
NABORS INDUSTRIES LTD SHS G6359F137   48,978 600 SH Call SOLE   0 0 600
NOBLE CORP PLC ORD SHS A G65431127   801,720 16,647 SH   SOLE   0 0 16,647
NUTRIEN LTD COM 67077M108   1,701,739 30,210 SH   SOLE   0 0 30,210
OCCIDENTAL PETE CORP COM 674599105   1,433,040 24,000 SH Call SOLE   0 0 24,000
OCEANEERING INTL INC COM 675232102   1,487,620 69,906 SH   SOLE   0 0 69,906
OIL STS INTL INC COM 678026105   876,004 129,013 SH   SOLE   0 0 129,013
OKEANIS ECO TANKERS COR SHS Y64177101   677,959 25,598 SH   SOLE   0 0 25,598
PAMPA ENERGIA S A SPONS ADR LVL I 697660207   2,125,124 42,914 SH   SOLE   0 0 42,914
PEABODY ENERGY CORP COM 704551100   1,593,105 65,505 SH   SOLE   0 0 65,505
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   418,577 26,210 SH   SOLE   0 0 26,210
PLUG POWER INC COM NEW 72919P202   9,000 2,000 SH Call SOLE   0 0 2,000
QIWI PLC SPON ADR REP B 74735M108   152,449 24,278 SH   SOLE   0 0 24,278
RANGE RES CORP COM 75281A109   1,799,216 59,106 SH   SOLE   0 0 59,106
RPC INC COM 749660106   925,486 127,127 SH   SOLE   0 0 127,127
SCORPIO TANKERS INC SHS Y7542C130   2,622,501 43,133 SH   SOLE   0 0 43,133
SOUTHWESTERN ENERGY CO COM 845467109   1,290,423 197,011 SH   SOLE   0 0 197,011
SPDR GOLD TR GOLD SHS 78463V107   2,096,755 10,968 SH   SOLE   0 0 10,968
SPDR GOLD TR GOLD SHS 78463V107   229,404 1,200 SH Call SOLE   0 0 1,200
SPDR S&P 500 ETF TR TR UNIT 78462F103   144,589,302 304,200 SH Put SOLE   0 0 304,200
SPROTT FDS TR URANIUM MINERS E 85208P303   10,858,575 224,954 SH   SOLE   0 0 224,954
STELLANTIS N.V SHS N82405106   325,940 13,976 SH   SOLE   0 0 13,976
TECHNIPFMC PLC COM G87110105   2,558,522 127,036 SH   SOLE   0 0 127,036
TEEKAY TANKERS LTD CL A Y8565N300   2,786,675 55,766 SH   SOLE   0 0 55,766
TIDEWATER INC NEW COM 88642R109   6,121,545 84,891 SH   SOLE   0 0 84,891
TORM PLC SHS CL A G89479102   841,688 27,678 SH   SOLE   0 0 27,678
TRANSOCEAN LTD REG SHS H8817H100   1,978,490 311,573 SH   SOLE   0 0 311,573
TRANSPORTADORA DE GAS SUR SPONSORED ADS B 893870204   716,763 47,499 SH   SOLE   0 0 47,499
TSAKOS ENERGY NAVIGATION LTD SHS G9108L173   2,105,792 94,770 SH   SOLE   0 0 94,770
UR-ENERGY INC COM 91688R108   18,927 12,309 SH   SOLE   0 0 12,309
VALARIS LTD CL A G9460G101   1,863,821 27,181 SH   SOLE   0 0 27,181
VALARIS LTD CL A G9460G101   4,854,756 70,800 SH Call SOLE   0 0 70,800
VANECK ETF TRUST OIL SERVICES ETF 92189H607   92,856 300 SH Call SOLE   0 0 300
VANECK ETF TRUST GOLD MINERS ETF 92189F106   3,346,247 107,908 SH   SOLE   0 0 107,908
WISDOMTREE TR JAPN HEDGE EQT 97717W851   4,161,624 47,301 SH   SOLE   0 0 47,301
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100   3,978,329 231,432 SH   SOLE   0 0 231,432