Suncor Energy Inc. T.SU

Alternate Symbol(s): SU

Energy Oil & Gas Integrated

Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading, offshore oil and gas production, petroleum refining in Canada and the United States and its Petro-Canada retail and wholesale distribution networks, including Canada’s Electric Highway, a coast-to-coast network of fast-charging electric vehicles (EV) stations. Petro-Canada has a network of over 1,800 retail and wholesale locations across Canada, providing customers with a wide variety of fuel and service offerings including low-carbon fuel options. It is developing petroleum resources while advancing the transition to a low-emissions future through investment in power and renewable fuels. It also wholly owns the Fort Hills Project, which is located in Alberta's Athabasca region, approximately 90 kilometers north of Fort McMurray.

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Suncor Energy Inc. > What happened to Oil & NG equities yesterday?

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Comment by MigraineCallon Sep 12, 2023 1:31pm

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Post# 35631929

RE:What happened to Oil & NG equities yesterday?

Integrity, yesterday was a gift.

It was not the shorts. Short volume was low yesterday for SU, CNQ, and CVE.

I can't give a reason for it, and I was all ears combing twitter for a reason, but a lot is algo driven as they feed off each other. Some of it may have been technical profit taking, but you may never really know the reason why.

Like flying in the clouds, you have to rely on your gauges and instruments.

So, I saw the gauges showed NQ and SPX were having a great day, heating oil and gasoline were also on a rip, and oil was strong. XLE in the US took a tumble, and that fall was magnified with big Canadian oils. The pain was generally equally distributed with all of them.

When this happens, you know what to do.

I bought 30,000 shares of XEG on margin in 3 tranches on it's way down, and as CNQ was hammered most, and bounced near the 18DMA, I picked up an extra truckload of it as well to catch and hold it before the ex dividend on Sept 14.

Sold half of the XEG today to book some profits from the dailyy rebound, and I plan to hold the extra CNQ until it reaches the top of the bollinger band in the $91 area on today's charts, or falls back to my stop just below the 18DMA.

WTI keeps heading up today, towards breaching $90, and we have inventories tomorrow, again offering great Wednesday trading opportunities.

Got a $400k tax instalment due on Friday, so I need to keep some cash handy for that.

Sucks when you have to pull money out of the game to pay tax now on money you might not even make, but thats our law.

GLTA

integrity11 wrote: Most of the large cap oil and NG equities in the TSX took a dive yesterday in spite of an increase in oil price. Fortunately they have regained most of their losses today.

I think the reason was related to short activities whereby the big short players were working together to clear off their shorts. Not sure if it would be called a short squeeze or not as I am not very knowledgeable on shorting.

I do follow the short activity somewhat on companies I have invested in or follow and the short trade activity has certainly decreased recently which I very much appreciate.

Your thoughts?