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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 Oct 11, 2023 12:12pm
144 Views
Post# 35678864

RE:RE:Big drop?

RE:RE:Big drop?Today is a technical drop in the oil price, moving down to close the gap made by Monday's rally.
There must still be SOME risk premium left in oil in the current situation, so today is a very high probability for further increases, from a trading perspective.

I sold half of my options yesterday, and am now buying them back today at a discount, with a new position in HOU from around $83.70 WTI.

Experienced wrote: mbuch...Yep...


My post from a few days ago in respoinse to a post by Migraine..

"Obviously we will need to see how this plays out.

Saudi Arabia under MBS are moving towards a normalization of relations between them and Israel.  In an interview with Brett Baier MBS made it clear that he wants an agreement.  It is also well known that many members of MBS' inner circle of advisor have little patience for Hamas and some are openly hostile towards the group.

Right now the Saudis and the Israelis have two common enemies - Iran and Islamic fundamentalists and this is more important than Hamas playing a losing battle with the military of Israel. Right now the only people calling for a blockade are the Iranians and both Israel and SA see them as an enemy.

With this as background, there might be a short term pop in the oil price gamed by people who hope others react without knowing the true situation but I don't see such a price pop lasting very long if it even occurs at all.

Bottom Line?

I wouldn't be buying oil companies based on the actions by Hamas and the Israeli reaction except possibly for a quick round trip....and even then it might already be too late by the time the markets open after the weekend."


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