2018Seems like a lot of positive news for oil, however The Canadian oil market seems to be getting the crappy end of the stick! I do think 2018 is stetting up nicely for oil though and although not all Canadian companies will bennifit I do think SGY is one of the best in breed and will have success in 2018.
I few facts from last week I find very interesting:
1. US output decreased last week and did not reach the 10 million barrels per day that so many had predicted.
2. Rigs have been flat in the US for the last 3 weeks and have fallen in Canada, highlighted by a decrease of 58 oil rigs last week.
3. Venezuela is failing, highlighted by the fact that the country is officially out of gasoline.
4. Unfortunately without pipelines or new refineries built in Canada we will not reap the full bennifit of the sustained higher prices in oil, however I do believe SGY will have a profitable year in 2018.
Happy New Year to all! Better times ahead in 2018!
Kid