RE:RE:RE:BTE shorts are odd - but ready to break out big
at least 50% of the volume on BTE has been arbitrage between the US and Can market. what is important is the taking of new positions. We have seen large daily volume from the taking of new positions and arb trading. This means a huge base has been built, and a short squeeze will commence. right now BTE is up 8.33%, well above the mkt avg for oils, and this will continue. It will also accelerate over $3.00 has it become more marginable, and will really take off at 5.00 when it becomes 70% margineable. Add in we are nearing 20 months of decline ..... which is the lag affect in the US - and as I have said many many times, the minute US production goes below 9m barrels a day, WTI is at 40 USD. AND ...... price will continue to rise, and production fall for at least 6 months. there is no spigot to turn, the rig crews from the 1,000+ idle rigs are long gone to new jobs (see boone pickens on this) and production will go lower for longer, and the TV heads will accuse the oil industry of not turn on their imaginary spigots - which do not exist.