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Baytex Energy Corp T.BTE

Alternate Symbol(s):  BTE

Baytex Energy Corp. is a Canada-based energy company. The Company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Its crude oil and natural gas operations are organized into three main operating areas: Light Oil USA (Eagle Ford), Light Oil Canada (Pembina Duvernay / Viking) and Heavy Oil Canada (Peace River / Peavine / Lloydminster). Its Eagle Ford assets are located in the core of the liquids-rich Eagle Ford shale in South Texas. The Eagle Ford shale covers approximately 269,000 gross acres of crude oil operations. Its Viking assets are located in the Dodsland area in southwest Saskatchewan and in the Esther area of southeastern Alberta. It also holds 100% working interest land position in the East Duvernay resource play in central Alberta.


TSX:BTE - Post by User

Post by smallcaptdron Dec 01, 2022 11:40am
142 Views
Post# 35143217

Economy + China COVID + No OPEC cuts = Oil selling

Economy + China COVID + No OPEC cuts = Oil sellingWhat if $83 is tops for Oil right now because there's a lot of negative sentiment keeping Oil from rallying too high and with OPEC looking like there won't be additional cuts till next year taking away any chance of Oil hitting $90 plus realistically I can't see China being cured anytime soon at least till next year and with the FED on the 14th making additional rate hikes all but guarantees that any positive data will be used to determine how much to add in order to push Inflation down and this is when positive data works against itself. One thing that could happen Monday is that when it's confirmed that there are no additional cuts from OPEC we could see an Oil sell-off and right now Oil couldn't stay above $83, Since Aug analysts have stopped giving Oil price guidance because they say that it's too hard to predict so only a handful now might give an outlook and I'm thinking because I nail Oil prices forecasts time after time even months ahead and post reasons for further Oil movement which come to past time after time and even yesterday I predicted that Oil would hit $83 today and we hit it as the high and I've said that Oil could hit $85 tomorrow but things are pretty negative and any gains will be lost come Monday so I'm saying now that $85 might be in question only because of today's changes. Oil seems to be selling off right now down from $83 and the floodgate could open anytime having the selling gain momentum pushing Oil under $82. Just watch the volatility.
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