Brent referenced oil stocks like Ithaca and Gran Tierra sold off today despite Brent locking in on $112....the highest level in weeks. Oil stocks are acting like it is May not January.
If Ithaca wants to buck the trend, they, as mentioned, are going to have to close the right deal ASAP and get an announcement out.
Crude for 2012 averaged an ALL TIME HIGH and the oil stocks are valued like it is trading at $80 not $112 (as Crow mentioned earlier as well).
Drillers and service companies are doing OK of late. The same thing that is happening to oil stocks is happening to silver and gold stocks as well.......market does not seem to be confident that the commodity prices will stay at current levels?
Seems that Canada as a country and energy as a sector are generally out of favour. The TSX and US indexes were up pretty well today and my energy portfolio was off some. Accept for Cameco as the uranium sector has been rallying.