Oil traders having a bad day? You could be in Canada... pic.twitter.com/ROFtjFGFxf— zerohedge (@zerohedge) November 13, 2018
Zero Hedge: Gartman Is Shocked By What Is Going On With Canadian Oil
Yesterday we remarked that while the pain for US energy traders has been palpable, it is nothing compared to the mass hysteria taking place in Canada, where the price of Western Canada Select oil has collapsed just above $15 as far too much local production remains landlocked, and in desperate search of any buyer.
Today, none other than "world renowned commodity guru" Dennis Gartman - who correctly picked the exact moment to advise his clients to "short this rally" and is still short even as Marko Kolanovic has been repeatedly urging JPM clients to triple down on the S&P where he saw nothing but smooth sailing - picks up on this theme, and in his latest letter to clients expresses his shock at the collapse observed in local prices.
Read more ....
WNU Editor: I have a relative who runs a small oil service company in Alberta. He warned me 3 years ago that this was going to happen .... and it has. This is what happens when politics, an environmentalist agenda that calls for no development, and a lack of leadership all come into play. Bottom line .... Canada's reputation for being a safe place to invest in the oil industry is now "shot to hell". As for my relative .... 90% of his business is now in the U.S..
