Cenovus Energy Inc T.CVE

Simple answer for Woody... REVERSION TO THE MEAN

[packerdriver]

I know it's not as sexy as the latest conspiracy theory...but there it is. I you look at a ten year oil price chart you will find that from 2015 to the end of 2021 the oil price was BELOW where it is today. That's SEVEN YEARS! Then a crazy guy who happens to produce a lot of oil decided to invade his neighbour thinking nobody would mind very much. BIG MISTAKE! The oil market was thrown for a loop and caused very high prices. It took a little over 2 years for all the kinks to get ironed out and the market is now finding it's new balance. In the meantime oil has been found in quite a few new places....Guyana for one and Petrobras just announced another big new find offshore in Brazil. Cenovus operating costs are below 15 bucks a barrel so oil dropping much more woud not hurt it too much....but if you've got a tank farm of oil in your backyard....I'd sell it now :):):)

[woodsmen]

So Little Joe.  Please tell me how WTI Oil dropped $10 of it isn't for the reason I told you?     Please tell me how it dropped $10 in 2 weeks.   I will wait!!!  Thanks!! 

[packerdriver]

Well, you said it was "the Dems"...if there is one commodity that enjoys completely unfettered free markets across the world BY LAW AND TREATY....it is the oil market..... When the oil price is high investors celebrate...but they blame politicians for the high price they pay at the pumps when they fill up (???).... For a long time I owned oil stocks to solve that problem...high oil price

[woodsmen]

{{$quote}} Yes that is what I said to the discussion on The War Premium thread!!!  That is also the reason I give!!