Inactive · established relationshipLatest completed snapshot · Aug 20 · 16:27 ET

MARKET-DISCOVERED GROUP

Oil & Gas Refining

THE TRADER READBroad price confirmation, weak flow alignment

17 of 17 measured members are falling. Capital-flow agreement is 6%, so the basket is not yet clean.

Price breadth17 of 17 fallingRelative median unavailable

Capital-flow alignment6%Price breadth is not yet confirmed by flow

Activity nowCalmActivity score 14/100 · lift 0.8×

Evidence depth9 episodes33 observed active sessions

EVIDENCE CLOCK

What happened, in timestamp order

0 timed events

TIMING READA causal timing read is unavailable because no material member price onset could be timestamped.

No session event has enough timestamp precision to place on the clock.

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations

Price sequence unavailableA timestamped price sequence is unavailable.

RELATIVE CO-MOVEMENT

How the members are behaving together

Session-normalized

Observed intraday paths are not available for this group yet.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast

WHY NOW

Verified recent context

0 items

No verified recent catalyst is attached to this move. The relationship may be market-led rather than news-led.

WHY THIS GROUP EXISTS

Shared filing context

No high-confidence shared filing driver is available. The market relationship is observed, but the cause remains unexplained.

CONFIRMATION NETWORK

Outsiders and cross-asset links

3 outsiders confirming

No qualified cross-asset lead/lag link is available for this group.

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

FANGMoving with group

VNOM · text peer

SMMoving with group

PR · text peer

OXYMoving with group

PR · text peer

REPXNot confirming

VNOM · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately

MNRPRCNQVNOMPBR-ASUPBRBPEOVVVETCVETTEWDSBTEVISTPTEN

7/17 active0 rising · 17 falling

MemberUnusual activityToday's moveRead now

MNRMach Natural Resources LP

Most unusual · 100/100

-1.0%

Active; unclassifiedActive in 45.5% of observed group sessions

PRPermian Resources Corporation

Elevated · 70/100

-1.7%

Active; unclassifiedActive in 18.2% of observed group sessions

CNQCanadian Natural Resources Limited

Elevated · 63/100

-2.3%

Active; unclassifiedActive in 18.2% of observed group sessions

VNOMViper Energy, Inc.

Elevated · 61/100

-1.4%

Active; unclassifiedActive in 18.2% of observed group sessions

PBR-APetróleo Brasileiro S.A. - Petrobras

Elevated · 59/100

-2.6%

Active; unclassifiedActive in 15.2% of observed group sessions

SUSuncor Energy Inc.

Elevated · 50/100

-3.0%

Flow confirmerActive in 30.3% of observed group sessions

PBRPetróleo Brasileiro S.A. - Petrobras

Elevated · 49/100

-4.0%

Flow divergenceActive in 21.2% of observed group sessions

BPBP p.l.c.

Quiet · 48/100

-2.0%

Watch / laggardActive in 18.2% of observed group sessions

EEni S.p.A.

Quiet · 46/100

-2.1%

Watch / laggardActive in 12.1% of observed group sessions

OVVOvintiv Inc.

Quiet · 44/100

-2.3%

Watch / laggardActive in 18.2% of observed group sessions

VETVermilion Energy Inc.

Quiet · 43/100

-2.8%

Watch / laggardActive in 9.1% of observed group sessions

CVECenovus Energy Inc

Quiet · 42/100

-4.3%

Watch / laggardActive in 21.2% of observed group sessions

TTETotalEnergies SE

Quiet · 39/100

-0.7%

Watch / laggardActive in 27.3% of observed group sessions

WDSWoodside Energy Group Limited

Quiet · 37/100

-4.0%

Watch / laggardActive in 21.2% of observed group sessions

BTEBaytex Energy Corp

Quiet · 35/100

-2.5%

Watch / laggardActive in 9.1% of observed group sessions

VISTVista Energy, S.A.B. de C.V.

Quiet · 33/100

-3.2%

Watch / laggardActive in 18.2% of observed group sessions

PTENPatterson-UTI Energy, Inc.

Quiet · 30/100

-2.9%

Watch / laggardActive in 9.1% of observed group sessions

View exact member values

TICKER	Company	Role now	Today	Observed history	Trader interpretation
MNR	Mach Natural Resources LP	Most unusual	-1.0%	45.5% of 33 sessions	Most unusual activity in this snapshot; performance direction may differ.
PR	Permian Resources Corporation	Participating	-1.7%	18.2% of 33 sessions	Price participation is not yet confirmed by per-name flow.
CNQ	Canadian Natural Resources Limited	Participating	-2.3%	18.2% of 33 sessions	Price participation is not yet confirmed by per-name flow.
VNOM	Viper Energy, Inc.	Participating	-1.4%	18.2% of 33 sessions	Price participation is not yet confirmed by per-name flow.
PBR-A	Petróleo Brasileiro S.A. - Petrobras	Participating	-2.6%	15.2% of 33 sessions	Price participation is not yet confirmed by per-name flow.
SU	Suncor Energy Inc.	Participating	-3.0%	30.3% of 33 sessions	Price participation with accumulating signed flow.
PBR	Petróleo Brasileiro S.A. - Petrobras	Participating	-4.0%	21.2% of 33 sessions	Price participation with distributing signed flow.
BP	BP p.l.c.	Quiet / lagging	-2.0%	18.2% of 33 sessions	Not participating yet; a breadth test or a genuine divergence.
E	Eni S.p.A.	Quiet / lagging	-2.1%	12.1% of 33 sessions	Not participating yet; a breadth test or a genuine divergence.
OVV	Ovintiv Inc.	Quiet / lagging	-2.3%	18.2% of 33 sessions	Not participating yet; a breadth test or a genuine divergence.
VET	Vermilion Energy Inc.	Quiet / lagging	-2.8%	9.1% of 33 sessions	Not participating yet; a breadth test or a genuine divergence.
CVE	Cenovus Energy Inc	Quiet / lagging	-4.3%	21.2% of 33 sessions	Not participating yet; a breadth test or a genuine divergence.
TTE	TotalEnergies SE	Quiet / lagging	-0.7%	27.3% of 33 sessions	Not participating yet; a breadth test or a genuine divergence.
WDS	Woodside Energy Group Limited	Quiet / lagging	-4.0%	21.2% of 33 sessions	Not participating yet; a breadth test or a genuine divergence.
BTE	Baytex Energy Corp	Quiet / lagging	-2.5%	9.1% of 33 sessions	Not participating yet; a breadth test or a genuine divergence.
VIST	Vista Energy, S.A.B. de C.V.	Quiet / lagging	-3.2%	18.2% of 33 sessions	Not participating yet; a breadth test or a genuine divergence.
PTEN	Patterson-UTI Energy, Inc.	Quiet / lagging	-2.9%	9.1% of 33 sessions	Not participating yet; a breadth test or a genuine divergence.

04 · HAS THIS HAPPENED BEFORE

Identity history versus measured outcomes

Structural recurrence is not the same as a validated trading outcome

POINT-IN-TIME LIVE OUTCOMES

Early observed follow-through

4/4 events completed

30 minutes-1.18%50% continuation · n=2Median MFE +-0.21% · MAE -2.38%

60 minutes-1.26%50% continuation · n=2Median MFE +-0.21% · MAE -2.38%

Session close+0.33%100% continuation · n=1Median MFE +1.39% · MAE 0.01%

Next-session close-1.11%50% continuation · n=2Median MFE +-0.21% · MAE -2.38%

moderate structural support

9 completed episodes across 33 active sessions provide moderate historical support. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support97 daysHow often the cohort identity was observed

Completed episodes9Separate periods of broad group activity

Active sessions33Completed session observations, not trades

2026-08-171 active session100% composition consistency through the episode

2026-07-07 → 2026-08-1218 active sessionsNo name was active through every recorded session

2026-06-30 → 2026-07-023 active sessionsNo name was active through every recorded session

2026-06-24 → 2026-06-252 active sessions25% composition consistency through the episode

2026-06-17 → 2026-06-182 active sessions25% composition consistency through the episode

2026-06-051 active session100% composition consistency through the episode

MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS

MNR45.5% · 6 episodes

SU30.3% · 2 episodes

TTE27.3% · 2 episodes

CVE21.2% · 2 episodes

PBR21.2% · 2 episodes

WDS21.2% · 3 episodes

BP18.2% · 1 episode

CNQ18.2% · 2 episodes

OVV18.2% · 2 episodes

PR18.2% · 2 episodes

VIST18.2% · 1 episode

VNOM18.2% · 4 episodes

PBR-A15.2% · 2 episodes

E12.1% · 1 episode

BTE9.1% · 3 episodes

PTEN9.1% · 2 episodes

VET9.1% · 2 episodes