The dew point is the temperature at which water vapour condenses into liquid (rain) for a given pressure. You can have air loaded with water vapour with high relative humidity but if the air tempersture is above the dew point then it will not rain. Like what happened last summer in most parts of Alberta where relative humidity was running at 75 to 85% yet it did not rain because the air temperature was higher than the dew point.
A repeat of that, this growing season, will cause food inflation and inflation in general to go crazy. So those looking for inflation protection in their investments then oil & gas seems to be where the money is going. Look at bte, fec, cgx etc year- on year gains.
Most longs on this board have averaged down, so they're doing well. It's the newcomers that are nervous. If the war in the Ukraine goes on for years, as expected by many and La Ninya persists for another summer then inflation will likely go into the double digits and investors will be scrambling for inflation protection. If oil prices remain high and they hit some decent reservoirs on Kawa then cgx sp is likely to be, at least, stable if not outperforming. So patience what is needed right now. There are too many moving parts to try to predict how cgx sp will behave. But my feeling is that a decent outcome on Kawa will provide a floor price for cgx. Maybe we are at that floor sp now.