Selling and BuyingThe ones selling yesterday were the ones dissapointed with the below market hedges, obviously entered into before a $10 rise in the futures strip, which could today see the 2022 year for WCS sold for about $62 USD on average.
I can completely sympathize with that, as I was furious at ATH management to see us already out of the money on '22 hedges.
Over the next while the institutional investors will be coming in, their irrational fear of the great plunge in oil assuaged by a conservative management team focused on hedging and paying down debt.
The good news is even with a healthy chunk of '22 upside given away (for additional security), there is still more upside per $ invested in this name than almost any other mid sized producer I can think of.