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PENN WEST PETROLEUM LTD. T.PWT

Energy Oil & Gas E&P
"Penn West Petroleum, based in Calgary, Alberta, is an independent Canadian energy company focused on the exploration and production of oil and natural gas resources in Saskatchewan, Alberta, and British Columbia. At the end of 2015, the company reported proven reserves before royalties of 208 million barrels of oil equivalent. Daily production averaged 86,000 barrels of oil equivalent in 2015, at a ratio of 69% oil/31% gas."


TSX:PWT - Post by User

PENN WEST PETROLEUM LTD.
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Post by makedonkaon Jun 02, 2017 11:06am
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Post# 26316669

Big Draw Not Big Enough

Big Draw Not Big EnoughThe Energy Information Administration (EIA) failed to wow the crude oil market even after it reported the biggest crude oil drawdown of the year. The reason is technical weakness on the charts, coupled with the promise of more Libyan oil production and the fact that U.S. oil production increase tied the highest level since November of 2015. Not even President Trump’s withdrawal from the Paris Climate Accord could give the market the lift it needed. Yet despite the market reaction in the short term, are we putting too much faith in the promise of Libyan oil production and U.S. production and ignoring bullish data and growing demand record exports and refining runs.

https://blog.pricegroup.com/2017/06/02/big-draw-not-big-enough-the-energy-report-060217/
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