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Suncor Energy Inc T.SU

Alternate Symbol(s):  SU

Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the United States; and the Company’s Petro-Canada retail and wholesale distribution networks (including Canada’s Electric Highway, a coast-to-coast network of fast-charging electric vehicle (EV) stations). The Company is developing petroleum resources while advancing the transition to a lower-emissions future through investments in lower-emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. The Company also conducts energy trading activities focused primarily on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. It also wholly owns the Fort Hills Project, which is located in Alberta's Athabasca region.


TSX:SU - Post by User

Comment by MigraineCallon Aug 25, 2023 2:55pm
159 Views
Post# 35605848

RE:RE:US and Iran Oil Deal

RE:RE:US and Iran Oil DealThanks Matt.

Sold all of HOU when WTI was at $79.82, before the 1:30PM close. +$9K on speculative US Iran oil deal news, that we know won't change the market supply. Not bad for an hour's work, just a trade.

HO and Gasoline are on an absolute rip today, supporting crude.
Oil stocks got oversold lately and this retracement is an opportunity.
Rig counts are dropping, especially in the Permian.

Powell news was nothing new, and the market sold off yesterday in preperation for him today. Now we bounce back.

With all the China woes, even pulling from their crude stocks, global inventories are still dropping.

SU has been extremely strong, breaking through the upper Bollinger bands 3 times now in the last few days. Extremely rare. Fortunately I didn't sell it as per my past plan as I noticed that at the same time XLE was at the bottom of it's lower BB and due for a bounce, so I'm very lucky I held off selling the BB, and let it run.

Notice how SU has even outperformed its peers, CVE and CNQ as it plays catch up to past levels.

Still holding a full core SU position, and looking forward to $25k of dividend in September.

GLTA

matt2018 wrote: good luck with it migraine..... I agree, somethings not right here.
Crude oil stocks Down, Rig counts Down, Oil price Down.
Its been a few weeks of this now. 
Why are there no Oil buyers?
Is Powell scaring them?  Is it China slowdown and their cratering property values?
Somethings gotta give sooner or later.
SU wants to run but oil price cant hold $80, regardless of the strong fundamentals.



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