OPEC+ done , Nuttal pop soon... $60 oil sweetspot for GXE!
With opec+ out of the way and $60+ oil heavy oil names have the most torque heading into summer. Beside from seasonal narrowing of differentials WCS is already over $50 USD and small cap names like CJ, ATH , ATU and GXE will thrive at $60-65 Cdn!
But look no further then Nuttal, he wanted in on HO names and found liquidity first in ATH (hence stock went on a ride) Then he desperately wanted to get into CJ selling his large cap oil names. He found a clever route but bought $2 up and once he promoted CJ on BNN last week the stock price soared.(+20%)
However, when speaking about CPG he let slip he had bought sizeable position in GXE. Stock popped to 64c(25%!) even without Nuttal speaking about the stock or making it a pick. It is a given he will make this new large position a top pick and I expect the stock will pop 20% or more based on the above. I suspect the only reason he didnt make it his top pick last week is because he is mopping up more shares.
Either way between Nuttal , OPEC+ and $65 Cdn WCS GXE should move smuch higher. Just looking forward to the next market call and 70c GXE!