Obsidian Energy Ltd T.OBE

An unexpected opportunity

[JohnJBond]

Sometimes opportunities appear.

At the open I watched oil prices improve, and OBE strengthen.  

Very high volume took place with CPG and BTE in the first 30 min - with their prices holding pretty stable.   Suggesting margin type selling and buyers competing to buy those shares (aka a bottom).

I thought whatever margin calls, herd behaviour etc occured on Friday had passed.

WTI climbed back over $80 - then it all of a sudden, it got sold off hard.

Next thing you know, OBE was in the high $8's - and there I was suddening buying for family members accounts!    That is what happens when one of those surprize sales happens, one that is so good you end up buying things you don't need.

We'll see what happens next - but historically that seems to be a sign of a flash sale.

[Hendrick3]

If it was OBE only I would agree that it would have been a very special day to grab some shares. Unfortunately it was sector wide and so the same sale was on for the whole sector. Good for those rebalancing from other sectors or cash. Not good for those in oil and gas already with no new cash to invest. My bad for being in the latter group. 

[JohnJBond]

H, it can be disappointing to miss a sale, but it sounds like you are stocked up already. With so many near term oil positives on the horizon, I imagine you'll forget out it in no time. The next OPEC meeting is Oct 5 if I remember correctly - next Wednesday. Last time OPEC put out the clear message that they make their own decisions, and are not controlled by Biden.   The paper

[Spanito]

John,   very well put, and thank you for your valuable input to this board,  I read on this site as well: Russia will most likely propose that OPEC+ reduce output by around 1 million barrels per day at the next meeting, according to a source familiar with Russian thinking. https://www.financialjuice.com/home cheers Spanito