Post by
vocex1 on Jul 15, 2022 3:13pm
PETRUS MORIBUNDIS
Petrus is trading today at about 10% of average daily volume, 22K shares/225K average.
I buy on both TSX and in the US on the over the counter listing for PRQ which is PTRUF.
Today I personally moved the market on the US listing of Petrus about 4.5% by purchasing 100 shares at $1.34 usd. 100 friggin shares makes of move of almost 5% in share price, this is an indication of how thin trading is in Petrus at this time.
On the Toronto exchange, again, looks like about 10% of normal trading volume as I write today.
Obviously, Petrus shares are immensely oversold, and have retraced fully 50 % of the peak price, e.g., $3.42 cdn down now to $1.68. If you look at charts for guidance, this retracement would, in normal conditions, indicate that Petrus would be bottoming out, but who knows.
Today the natural gas price has increased over 13%, news is that high temperatures will persist in large chunks of the US mainland for another week or so, thus more Ng will be required to keep the grid functioning, that is, the grid that has not been compromised by going full Green with windmills that don't spin in weather that creates a heat dome/ minimal wind conditions. This is happening in Texas and in Germany now with summer heat.
The crude oil price is up just shy of 1.5% today and inching back up toward $100 usd/bbl, even as US president is wearing knee pads in Saudi Arabia to approach MBS for more crude production. The Saudis put out a news release before Joe arrives, to wit, we are part of OPEC+ and we will not increase supply of crude unilaterally, so the state visit from US, even with the promise of more weapons sales and forgetting about human rights violations is for naught.
With volume so low in recent trading, the easy money shorting Petrus and many other Canadian O+G issues has been made, one might think that with CL and NG pricing holding up world-wide we could be at apoint where a technical bottom has been achieved. Still, difficult to predict much these days as we have all sorts of non-physical supply-demand factors working in markets.
The only assurance I have is that, while central banks can print more money to 'stimulate' economies, buy back their own issuance of sovereign bonds(see how that is working for Japan and EU now, LOL) , hand out cash to citizens, etc., they cannot print more oil and NG. In fact, goverments in the West are clearly doing their level best to curtail investment in O+G production, while going whole-hog on the Green train to energy scarcity.
I did not think that it would be possible for leaders to be so wrong-headed about energy policy and drive thier economies to ruin, but I underestimated them, the inmates are clearly running the asylum now.
It does appear that with Johnson gone out the door in GB, Draghi leaving the sinking ship in Italy, Macron suffering political losses from both left and right wing parties in France, and Germany with the first negative GDP report in DECADES, the selected leaders of EU countries are on their way out.
So, maybe the rush to Green debacle will now reverse course, we shall see. GLTA
Comment by
llerrad5 on Jul 15, 2022 3:25pm
The USA strategic oil reserves are down by 200 mil barrells. More being released before fall elections. At some point they must refill??
Comment by
WRig33JN on Jul 15, 2022 5:18pm
I noticed this other day when i bought as well. "Today I personally moved the market on the US listing of Petrus about 4.5% by purchasing 100 shares at $1.34 usd. 100 friggin shares makes of move of almost 5% in share price, this is an indication of how thin trading is in Petrus at this time."