RE:RE:RE:RE:RE:RE:Definitely some other unknown factorAll I was throwing out there is that I hope it is not some other hidden factor that is being overlooked here, that we do not know about. If it's the same gold scenario, then sure there's nothing wrong here everything is normal
Chris007 wrote: LOL...no said anything about the drops having to be proportional...plenty of people just riding the momentum of price appreciation in the underlying commodity (obviously oil futures, whether financial or physical are beyond the means of most investors).
As soon as momentum stalls or reverses, alot of these traders will jump ship. We've seen the same thing multiple times, this year alone in other commodity stocks, just check out gold or copper. Even at current commidity prices, gold and copper miners are still cranking out crazy free cash flow...stock prices of the producers have gotten slammed after the commodity price pulled back back about 10% from highs...lots are down 30-50%
NPCexe wrote: The data shows it was a 9.4% drop for india, so even with the low imports, CDN energy companies did not suffer losses as a result of the India crisis at its peak. Now we have a few other (unvaccinated) countries that have an uptick, so we saw a moderate decline in WTI, but still record high. And what I'm saying is that CDN energy sector disproportionately lost value and it doesn't make sense to pin it on covid given that WTI hasn't lost 20%. If WTI went from 78$ to 62, then I would understand.
Chris007 wrote: The india data is out from June:
https://oilprice.com/Energy/Crude-Oil/Weak-Fuel-Demand-Sends-Indias-Oil-Imports-To-9-Month-Low.html Obviously the regional lockdowns (though modi did refuse to implement a national lockdown) did have a substantial effect on demand.
In AUS, the two largest cities are on lockdown
Just read, covid restrictions are being reimplemented in Thailand, Vietnam...Indonesia is probably going to need to extend their restrictions
That being said, vaccination rates in most of these places just plain suck, compared to Canada and US.
NPCexe wrote: Covid shouldn't be the reason, as we had the india breakout and we didn't drop this much. Furthermore these are vaccinated countries so israel having 57% of the cases happen to vaccinated people is irrelevant, because they're not dying. And neither are the unvaccinated (delta variant, if we were actually shown the data, is at least TEN times less deadly than original strain), so what's the big deal here?
Chris007 wrote: Covid cases ramping up overseas (and lockdowns), particularly in asia, sure isn't helping sentiment.
Most energy stocks are down substantially in the last several weeks 10-20% range.
NPCexe wrote:
I think they're preparing for another correction. Oil is still above 70, this is not a reason to drop 20%