Some producers 'brutalized' in energy stock sell-off: Canadian crude prices cause concern
Forget spring breakup, a sell-off in oil producer stocks that began in the winter is persisting this spring, irking oilpatch investors and executives heading into the second quarter.
It's the time of year many CEOs blame soggy soil that thwarts drilling plans for lower production numbers. This year, they're more worried about the price of Canadian crude.
Oil-weighted producers based in Calgary have lost anywhere from 10 per cent to nearly half their market value in the last month as investors flee energy stocks. Money managers are pointing, in part, at steeply discounted Canadian crude prices.
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