short position??does anyone have an updated short position on MEG energy???
this OPEC deal and subsequent non-opec cut which will also boost oil prices IMHO, if and when we get notification, but I think just a matter of time.
so does anyone have short numbers on MEG energy???
it would be nice to know how many shorts are left in this stock.
the floor on oil prices has just gone up from high 30's low 40's to high 40's mid 50's, and that means lots of things to oil producers and maybe even more to MEG who will now get breathig room to increase capex and increase produciton which will lower costs and increase CF.
I'm a little surprised MEG has jumped into the 7's buy once wti gets over 50, it will slowly grind upwards, or bolt depending on the non-opec news.
if I were short MEG shares this is what I'd be worried about because another cut of 600-700,000 BPD from non opec will sppok the oil market very quickly.
so today we had good news from OPEC and once all the dust settles, we get even better news from non-opec.
watch out shorts MEG into the 7's is not far away