RE:RE:RE:RE:RE:2016 Results Released this MorningTo be honest I havn't given it much thought. IMO Trump was looking to Mexico and China more than Canada. ,
Even though it could happen here, I don't think it would effect the oil biz much, as most likely the Canadian dollar would weaken some more. and mitigate the increase.
We in Canada need to get smart and slow the flow of oil down to the US anyhow and develop our infrastructure to refine and export to other markets. In Dec we exported 3.5 mil bbls to the states the most ever. We are as much to blame as anyone for the inventory builds.
As far as the inventory levels are concerned. My thinking is the floating storage is being unloaded at a rapid rate. The margins have dried up on the contango trade and speculators need to get rid of oil or lose a pile of money. As the inventory builds didn't come down as fast as everyone hoped, the longs are are sweating and closing their trades. This is why we are here today.