Obsidian Energy Ltd T.OBE

Washout Event

[JohnJBond]

If one is looking for a washout event, I bet its happenning right now.

Looking at comparables for clues.

BTE has traded over 5 million shares in the first Hour and a few min, and dropped over 9%.   That looks like a washout to me.    People running for the exits just because others are doing so.

Its still early, but I would not be surprised if it reverses later today.

[fortunefavorsus]

You have to laugh they push the recession demand destruction scam to lower oil prices BUT there is currently strong demand and not declining with no new production hitting the market.  I take this as a big buy opportunity with oil back to $120 in a couple of months.  What happens when SPR is drained lower?  

[JohnJBond]

The SPR is a disaster in the making. The 1 million barrels being removed from the SPR every day, ends at the end of September. Biden's strategy was that by October, US oil production would have increased enough to replace that 1 million barrels per day (ie US production would be up by 1 million BOE/day), and continue to increase such that the SPR could be refilled over coming months. Well

[fortunefavorsus]

If its a landslide for Republicans in the Nov election this fall then it is possible we could see the Biden administration/Democrats adopt a more long term strategy to green energy.  Otherwise they risk going into 2024 with super high oil prices and obliteration from the political scene.  Part of me would like to see that as too many corrupt delusional idiots have been in charge of this

[Hendrick3]

A brilliant analysis. Thanks for sharing and your great posts. This board's quality has increased greatly from 3 years ago when it was a troll farm. You are a big part of that quality    

[JohnJBond]

We just had a G7 meeting  A meeting of the leaders of the G7 countries  Not one of those seven leaders was a capitalist  Ie the G7 Countries are all presently governed by control parties  As long as control parties run the developed world, there will be an energy crisis  Just look at their lastest "solution" to high oil prices - to control how much

[JohnJBond]

One of the things about a washout, is that people only run though the exit once. It can be pretty messy while they are pushing through the exit, but once they are out, the noise goes with them, and you get calm.