The Canadian Oil Patch is the most beaten-up and hated-on oil sector in the world.
Over the past few months, the Canadian oil sector has been more volatile than I can remember.
Between Trump tweets, pipeline debacles in Canada and OPEC production decisions… it’s been a treacherous time for oil and gas producers in Canada.
It took oil prices nearly two full years to recover from their January 2016 lows.
And in the span of less than two months, that recovery has been decimated. Especially with the United States benchmark crude oil price dropping below $50 per barrel.
In Canada, the producers gave up on profit as they were practically giving away their production, as prices fell to $20 per barrel.
Below is a chart which shows the price per barrel (USD) of North American crude benchmark oil prices.