RE:RE:RE:RE:RE:RE:Why is CNQ going up nicely but suncor is stick in the mudShale will keep on ticking upward at 5-10 rigs a week but they won't be in a position to accelerate development like they have in the past. US investors in debt and equity have turned the taps off and with Sleepy Joe in the big seat, the industry will remain under the microscope. They're going to be in production maintenance mode to the best that they're able to flow cash, delever and make payouts to shareholders. Even working through their DUCs, they're not going to be able to sustain production at current levels.
OPEC+ will bring production back for sure, but not until March and, even then, I have to believe they're going to be very cautious to not get things headed back in the wrong direction again.
Lots of runway for cheap Canadian E&Ps still and the cheap oilfield services companies will be the next to run thereafter.