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  5. CNQ: Hi, Oil is steadily trading above $80 and NG is up 75%, from its bottom recently. [Canadian Natural Resources Limited]
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Q: Hi, Oil is steadily trading above $80 and NG is up 75%, from its bottom recently. Summer driving season seems to have already started strong. Both CNQ and SU are still trading, close to their recent lows. Why have Oil/Gas equities failed to respond ?
Any thoughts or concerns ?

Thanks
Asked by rajeev on June 24, 2024
5i Research Answer:

Markets rarely do what is expected. Recent sector weakness seems related to concern over consumer spending, concern over fewer FED rate cuts than previously expected, lower worry about geopolitical instability, and talk of excess supply at several large producing oil nations. 

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