I own another French co in addition to Total, both adrs. Got hit with 30% foreign tax on dividend, one line below on my brokerage statement.
I don’t understand why Crude is up today - the only new piece of info we’ve had is OPEC forecasts and that’s based on US rig data that’s already known (i.e. expected by the market).
Am I missing something?
I own Total shares outright. I need to claim back a portion of the last divs that got withheld. Annoying as fcuk.
Insiders?
Seems like the headache isn’t worth it for me. I’ll just buy SU or IMO and be done with it. Actually CVE looks good. And those asking why crude is up? Same reason it was down… No one f’in knows. Waste of time and energy trying to explain short term minor flucations.
Haha - possibly. In the meantime, someone at Citi just announced it will go to $20 - ncould’ve chosen a better day to announce it IMO.
More buyers than sellers.
^ +1
Classic!
I understand. I’m going to invest in French blue chips this year so it makes sense for me to go through that paperwork. But it’s for sure a big repellent.
^ Its not just paperwork for me since I have to go through the ADR. Its like double paperwork and 2x the FX exposure. I should open a Luxembourg account for Euro stocks… Hmmm…
But ADRs are economically équivalent to the straight shares aren’t they ?
They are for an American. I’m going across two borders. I’m actually surprised there are withholdings between EU member states.
Short EURUSD and USDCAD futures?
Right…sorry for brain fart.
Not sure why it has to be such a pain in the ass to invest in european shares as a Canadian.
I can buy straight canadian shares in CAD from my european brokerage account.
^ Probably a legacy issue from the days of foreign investment limits. Investing in foreign markets on an individual security basis, for individual investors, is relatively new here and viewed suspiciously. Look at how long it took to be allowed to hold USD in an RRSP. I frankly think some of it is our Big5 banks, holding most of the investment accounts, aren’t motivated to get off their asses and add the functionality.
Yeah could explain why as a kid all I heard of in business school was Bombardier, RIM and Nortel.
I have still have an account at RBC in Canada and everything international (like wiring money outside of Canada, etc.) is profoundly retarded.
We’ve not had earnings releases yet for many of the independent E&P’s in the US, but a few reported last week. The big story for E&P’s is reduction in well costs. Pioneer Natural came out and said they’ve already realized 10% reductions in well costs with the expectation of 20% lower (from 2014 levels) by the end of 2015 (I don’t believe this is much of a surprise). Anadarko made some news in that with a 20% reduction in well costs, their economics at $70/bbl are the same as $90/bbl at 2014 well cost levels. Onshore service providers are on the short-end of the stick here. Important info if you’re trying to model out U.S. supply.
Still lots of independent E&P’s companies yet to release earnings.
The WTI-Brent spread has blown out like crazy the last few weeks. Brent is at a $9/bbl premium after being at parity (albeit for a short time period) a month ago. U.S. cost curve is declining pretty quickly.
20 percent of US production capacity knocked out by refinery strike
My buddy had this reaction when I shared the news: oil falls due to lower demand from refiners and consumers pay higher prices for gas. Will be interesting to see if thats how it plays out, but interesting 1-2 punch