Oil Sands Stocks Disappointing Investors (BQI, CNQ, SU, NOA)
Oil prices retreated from a two-year high this morning after weekly jobless claims unexpectedly rose, but even with futures holding above $91 a barrel, oil sands stocks are home to some selling pressure with the Oil Sands Stocks Index down 1.6%.
Oilsands Quest (BQI) is getting thrashed to the tune of 13% after the company released a review of several oil sands projects on its Web site. Investors seem to be disappointed that Oilsands Quest said its Axe Lake, Wallace Creek and Raven Ridge projects could support an aggregate of 100,000 barrels per day in production. That’s at the high end of estimates for Axe Lake and Raven Ridge and the best estimate of contingent plus prospective for Wallace Creek, the company said.
Canadian Natural Resource (CNQ) isn’t helping matters after declaring force majeure on January shipments from its Horizon oil sands plant due to a fire last week. The company said it is still waiting to assess damage caused by the blaze. Shares of Canadian Natural Resources are down 3%.
Investors can track the Oil Sands Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
More on this topic (What's this?)
Here are the Hidden Pitfalls of Increasing U.S. Dependence on Canadian Oil Sands (Wall St. Cheat Sheet, 1/10/11)
Why the Dirty Oil Sands Aren't So Filthy (Energy and Capital, 12/22/10)
Total, Suncor in $1.8 billion Canada oil sands deal (Penny Stock DD, 12/17/10)
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