keep an eye on volume todaythis could be the start of some serious short covering as POU might be very interested in making a JV deal with MEG.
even 100-200 million JV will help MEG get another 20,000 bpd by 2017.
the shorts might be finally waking up to JV possibilities.
don't forget Cnooc also owns 10% or more of MEG, maybe they want to sign a JV deal, because it will help them 2 ways;
first they get a share of suture produciton
and second they will see their MEG shares go up in value once the deal is signed because the shorts will be caught in a squeeze.
so interesting times for long MEG shareholders for sure.
but I'm just speculating here so DYODD