The Calgary Stampede is an annual 10-day rodeo — and this year’s gathering had the second-highest attendance on record. To hear analysts at RBC Capital Markets tell it, the oil world of Canada also descends on the event, held in Alberta, which last year produced about 3.7 million barrels a day.
“Despite... The Calgary Stampede is an annual 10-day rodeo — and this year’s gathering had the second-highest attendance on record. To hear analysts at RBC Capital Markets tell it, the oil world of Canada also descends on the event, held in Alberta, which last year produced about 3.7 million barrels a day.
“Despite a rising tape, investor sentiment remains undecided, cautiously optimistic, or subdued from levels seen earlier this year, at best. Lack of conviction is not new, but when asked at our roundtable events, to self rank the current degree of sentiment on a scale of 1 to 10 : three and four marked the downside, while the most bullish investors suggested a seven. The overwhelming majority were fives and sixes,” said RBC.
“The market respects the Saudi cuts, and while several commodity traders grumbled about artificially tight markets, they also admitted that they will grit their teeth and get hauled along for the ride over the near term given the propensity to deploy risk,” said RBC’s assessment.