CVE is going nowhere until these two things happen1) WCS / WTI differntials drop down to below $15.
-This will only happen if the Keystone pipeline starts running from 80% to 95%+ again and bitumen starts to move by rail. The former will happen within the next 1-2 months and the latter within 5-6 months.
2) Material asset sales occur.
-We need to see many asset sales this year. CVE should concentrate on the oil sands and refinery operations and get rid of everything else. All conventional drilling, all undeveloped plays, all nat gas plays, they should all be sold.
WTI can go to $75 and the Dow can go to 50,000, but CVE will still be in the doghouse until the top two things happen.