Remember me on this device
Temperature 26 Tomorrow 21 Tonight 10
51901 members | 72 on in past hour
Lotta talk about the dent in oil prices over this past week... down more than 10% since Tuesday including about 6% yesterday alone: https://www.marketwatch.com/investing/future/crude%20oil%20-%20electronic?mod=home-page Oil co stocks themselves sold as if some think the "party" might be coming to an end. Oil still at $110 a barrel which isn't exactly cheap. Price at the pump showing no interest in reflecting any change (yet?). Wayway gas bar at Brandon really standing out tho for holding the liine at 199.9 while most in the city are at 207.9.
207.9 looks most common in Winnipeg too with a few at 202.9.
No shortage of people of particular political persuasion trying to pin this on gov, but oil prices and gas prices are a worldwide issue right now and I don't think care a ton about what controls Canada has in place to reign in our especially emission heavy brand of oil (in 2021 we were at about 6% of worldwide oil production). Biggest thing is that prices never would’ve spun this far out of control if OPEC wouldn’t have managed supply as tightly as they have through COVID. I know some like to gripe about the carbon tax, but it and some of the policies to get our producers to cut back on emissions are helping Canada strike the kind of balance we need to going forward in order to still have an economy that benefits from O & G in a planet that’s becoming more and more conscious of emissions and how they have to be brought under control. Byproduct being that as our producers are able to show reductions in emissions they become more investable to many than they were when it was about getting the oil out at any cost to the environment. I think you’ll see pump prices slowly bleed down if this drop in oil holds. As of now the uptrend I think is still technically in tact and there are still some that are holding out hope it’ll shoot another level higher from here, but look out if it loses a few more bucks. Good news for Canada is our producers would still be doing just great at $80 oil. Interesting side note. In the last real true bear market for stocks a decade and a half ago, oil started off by running hot against the rest of the market before cooling and joining the party. History repeating?
Be the 1st to add a photo
Don't miss a new post to this thread! Get e-mail or text message alerts on new posts.
Copyright (C) 2005-2018, Sobkow Technologies Inc.
Posted by ,