RE:Oil Falling Off A CliffThis is a "buy the rumour, sell the news" event. And the shorts, no doubt, sensing weakness, are piling into the selloff. Maybe the bulls were hoping for more? An increase to the production cut? The slightly positive news on the trade front didn't do much for oil. I don't know about $50 but $55 is certainly possible. The Saudi's want Brent around $70 minimum and are capable of making that happen.
It's an opportune time to pick up some dividend-paying oils at distressed prices: IMO.to (yield 2.4%), HSE.to (4%), ARX.to (9.36%), to name a few. And, of course, CPG (.98%).
The average 2019 earnings estimate on Yahoo for CPG is C$.45, suggesting a P/E of 9. Even the low estimate of C$.23 means a P/E of 17. Oil would have to move much lower and stay there for CPG to lose money this year.