BTE - Trans Mountain Setback Is Not A Material Threat For Canadian Heavy Oil Producers
Welcome to the "sell first, ask questions later" edition of Oil Markets Daily!
On April 3rd, we published a report titled "Buy Canadian Heavy Oil Producers As The WCS-WTI Discount Narrows." We wrote:
Contrarian for the sake of being a contrarian is suicidal, but in our years of analyzing business fundamentals and stocks, the set-up in Canadian heavy oil producers couldn't be more attractive on a risk/reward basis. Investors are paid for the uncertainty, while the long-term tailwinds are undoubtedly bullish.
Simultaneously, investor sentiment and cash flow multiples are at all-time lows, allowing