RE:API teports 2.7 millions drawdown again .. The problem is that while logic dictates that the SPR is too low for further sales, logic is not involved in political decisions. Biden may empty the SPR if it helps his reelection chances and/or the US decides to give OPEC (read SA) a flea in their ear. Logic also dictates the US decision to postpone SPR refilling and refilling over several years to be risky.
Higher $US values due to inflation fighting interest rates caused by deficit financing will create more tensions with non-aligned economies to decouple oil prices from the $US. That, of itself will create volatility in the price of oil.
This counter-intuitive SPR strategy will simply kick the supply deficit can down the road but it will seriously cripple any hopes for $100+ oil and producer stocks re rating. EN's thesis only holds true in an environment of global growth that is lacking in geopolitical disruption.
Fundamentally, GXE has a high free cash future but its small production base leaves it open to predatory share price manipulations in the short term. One must ride out the volatility until demand expansion overcomes supply manipulations to influence oil prices.