Cenovus Energy Inc CVE.WS

Illogical, illogical please explain why oil is not moving???

[pooltec]

https://www.cnn.com/2024/09/29/middleeast/israel-lebanon-war-devastation-beirut-intl-latam/index.html
and
https://www.nhc.noaa.gov/

[pooltec]

and this too https://www.ibtimes.com/us-eastern-gulf-coast-ports-prepare-shutdown-dockworkers-strike-looms-3744873

[robert41]

Because Israel and Lebanon are non factors in oil...now if an Iranian oil facility or port is destroyed then oil will move...you ever wonder why no one goes after the money that supplies supports and creates organizations like hesbollah... that is Iranian oil! blow up a production facility or port it stops the flow of money. Yet no one does it no one talks about it .....feels like it's an

[downwithdotcom1]

confirmation of "i told you so"...as said before, its those criminal shotcallers at work...supply/demand fundamentals are not setting the price right now...see below "Hedge funds sold ie shorted U.S. energy company stocks at the fastest pace in five years and the sector was the most sold on Goldman Sachs’ prime brokerage trading desk last week, the bank said in a note sent to

[mrbb]

36 more days til US election, gotta keep those petro price down other industrial commodity gold, silver, copper, aluminum, nickel are up in 2024 due to USD dropping China implemented stimulus  loss of libyan oil production yet oil still went down   

[downwithdotcom1]

This post has been removed in accordance with Community Policy

[pooltec]

Laws of economics apparantly are winning to day.  Shorts were playing with fire!

[Commr51bkd]

It may be more about the port strike - CVE is well positioned to source its oil for refining, etc, while TX based companies presumably could suffer disruption if the ILA strike persists long enough.   At the very least, it may be that some traders are realizing this as a possibility today.

[Commr51bkd]

This article suggests, though, that Houston TX area oil operations would not be affected:   https://www.texastribune.org/2024/09/30/longshoremen-strike-texas-port-houston/ A strike by the port’s longshoremen would not affect most oil, gas and liquid chemical exports because they are not transported in the shipping containers longshoremen are needed to move, said Jesse B. Thompson III

[downwithdotcom1]

wow, oil was down 60 ish cents and then bam, this Iran news plus more Houti drone attacks on shipping has caused oil to spike $3.60 ish so now up $3 this morning...geo political tensions are now the tale of the tape and with hedge funds in a net short position they may be getting nervous to start unwinding their positions..dwdc

[pooltec]

https://www.nhc.noaa.gov/?atlc and the red x is moving west.