RE:RE:RE:RE:Big DropIt’s quite possible that some backers of the Gordondale purchase have judiciously chosen to take profits at this time. The stock float is much larger these days and so then are the suspects responsible for the selling. As far as Schulich goes, it is entirely possible his estate planning imperatives don’t align with his current investments, though I hardly think that somehow makes him traitorous or dishonest. But putting that issue aside, isn’t it high time this company started to do its own heavy lifting instead of relying on the likes of Schulich’s name to puff it up? If sellers are beating a path for the exits (if indeed there is an upside story here), shouldn’t there be willing hands to take these shares up? But yesterday Birchcliff fell like a clubbed horse and this following a succession of down days. Disappointing for sure.
In the macro picture the Democrats are no friend of oil and gas and it looks as if Clinton goes in. How harmful that is depends on the composition of House and Senate. If they remain in Republican hands (and they could) this would be a positive, but largely guesswork at this point. The same goes for Trudeau. He is no friend of oil and gas. So maybe the sellers wish to take profits at this juncture and await a clearer picture.
Passnut I appreciate your observations on storage. The last 2 injections were disappointing. Irrational exuberance drove the spot to 3.25+ in the final shoulder season weeks and power companies will simply burn coal as an alternative to more expensive gas, particularly so in the shoulder season. Far better the price had been under 3 cents. And your right, end of season storage has been topped up.
But this ain’t the end of the story. With approximately 100 gas rigs drilling in the lower 48 they are practically running on fumes as far as production goes. Storage will come into balance and should continue right on into the negative, that is, if the drillers hold off, and don’t behave like the futures' players strip this last month. The drillers must patiently watch and wait.