Cardinal Energy Ltd (Alberta) T.CJ

Alternate Symbol(s): CRLFF

Energy Oil & Gas E&P

Cardinal Energy Ltd. is a Canadian oil and natural gas company with operations focused on low decline oil in Western Canada. The Company is engaged in the acquisition, development, optimization and production of crude oil and natural gas in the provinces of Alberta, British Columbia and Saskatchewan. Its operating areas include the Midale, South District, Central District, and North District. Its Midale operating area of over 730 million barrels of original oil in place (OOIP) and its low decline in production of 3,200 barrels of oil equivalent per day (boe/d) (net) is supported by both waterflood and CO2 enhanced oil recovery. Its South District operating area is located east of Calgary in southeastern Alberta and produces medium gravity crude, as well as liquids-rich natural gas. Its Central District operation is located in East Central Alberta, which is focused on producing oil from multiple, large OOIP pools. Its North area includes Grande Prairie, Clearwater and other properties.

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Cardinal Energy Ltd (Alberta) > market movement

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Comment by VeritasVernon Aug 31, 2024 11:08am

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Post# 36203956

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:market movement

Clearly one month of data does not represent the total annual demand. My understanding is oil is somewhat inelastic so expect some larger purchases in the next several months.

The early Aug short-term energy outlook from the EIA says this:

We forecast that global consumption of liquid fuels will increase by 1.1 million b/d in 2024 and 1.6 million b/d in 2025; the latter is 0.2 million b/d less than in our previous STEO. Nearly all of our expected liquid fuels demand growth is from non-OECD countries, which increase their liquid fuels consumption by 1.1 million b/d in 2024 and 1.4 million b/d in 2025.

We reduced our forecast of petroleum consumption growth in China for 2024 and 2025 because of slower economic activity as well as updated monthly statistics showing reduced diesel demand, crude oil imports, and crude oil refinery runs in China. China’s GDP for 2Q24 grew 4.7% from last year, slightly less than the government’s 5% target, reflecting slower investment in the country’s real estate and construction sectors. We now forecast consumption of petroleum and liquid fuels consumption will grow in China by about 0.3 million b/d in 2024 and in 2025, which would be less than the 2015–2019 average growth rate of 0.5 million b/d.