RE:Down 2%
Olliethegoalie asked "Does anyone have an explanation for energy stocks being down today? I was looking forward to an up day. Down 2%"
Stocks fluctuate during the day. It is not unusual to see 3%, 4% or 5% swings from the low to the high of the day. Today the high $10.40 was almost 4% more than the low at $10.02.
At the end of the trading day the shares closed at $10.27, down less than 0.4%.
Most Canadian energy producers shares were down today as the price of oil was basically unchanged (down after the close) while natural gas was down.
Long term investors do not worry too much nor try to explain the hourly or daily fluctuations. In my case I expect WCP to trade at $15.00 before the end of 2023, following another probable dividend increase next summer.
Patience will be rewarded.
Now share prices do not necessarily follow the price of oil and gas minute by minute or hour by hour but, on the long run, higher commodities will results in higher profits/dividends and higher share prices while the reverse is true when commodities go down in price.