Fearing an economic slowdown, governments along with the International Energy Agency (IEA) devised a tactic they hope will support global growth. Last week the IEA announced an "energy ease" which involves releasing 60 million barrels of oil from strategic reserves in an attempt to put a lid on pump prices. The news initially sent energy stocks tumbling. However, insiders sniffed opportunity in the selloff. For example, after the IEA news, ARC Resources Ltd. Directors Tim Hearn and Harold N. Kvisle both bought 5,000 shares between $24.81 and $24.96.
Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com . Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.