The oils are being bought today even as Western Canada Select Crude price falls. Both Suncor and Cenovus had spinning top days. (Spinning top =opened, traded higher and lower and closed in the middle near the open). CNQ was weaker and looked to close near the lows.
Here are the top three big oil producers. Starting with Suncor.
Here is CNQ.TO
Here is Cenovus. Buying Cenovus today, you are 4 years after the IPO and getting around the same price.
All of these have US ticker symbols as well under the same ticker without the .TO. They all look interesting here with the market down so hard mid day. Cenovus outperformed the other two being almost flat on the day, while oil continued to fall.
If your a bottom fisher, these might be near your hook on your fishing rod. Remember that bottom fishing implies we know where the bottom is, but we don't! Trade accordingly.
Writers may or may not have positions in these companies at the time of writing.
Good trading,
Greg Schnell, CMT
