Bullboard - Stock Discussion Forum Obsidian Energy Ltd T.OBE

Alternate Symbol(s): OBE

Obsidian Energy Ltd. is a Canada-based exploration and production company. The Company operates in one segment, to explore for, develop and hold interests in oil and natural gas properties and related production infrastructure in the Western Canada Sedimentary Basin directly and through investments in securities of subsidiaries holding such interests. It has a portfolio of assets producing... see more

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Obsidian Energy Ltd > EIA Inventory draw

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Post by AtomicForce on Mar 23, 2022 8:11pm

EIA Inventory draw

Total commercial oil + products + strategic petroleum reserve drawdown = 10.9M barrels last week. For oil bulls, fantastic news. We are seeing strong drawdowns every week and SPR releases can't keep up throughout the summer. If Europe toughens its stance on Russian oil, you'll see $150 WTI this year.

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Comment by JohnJBond on Mar 23, 2022 11:43pm

Two parts that stood out to me were. 1. A draw down in gasoline - suggesting high gasoline prices have not reduced demand 2. No increase in lower 48 production. Suggesting that the extra rigs, and higher oil prices have not translated into additional production (so far). Its also worth noting that imports stayed about the same and exports declined. Yes there ...more

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