OPEC & Saxberg & LTSOPEC
---OPEC members have never agreed to any deal & kept it in all their history; so why change now!
---the Saudis have been jawboning the mkts with talk of freezes, deals etc. as they know that algos are keyed to buy when they hear certain phrases & sell when they don't that's all. They have no intention of agreeing to anything.
---the oil companies/world economies need a meaningful cut in production not freezes!
---there so many tankers circling outside ports around the world just waiting to dock & offload. They will have to eventually. Supply is not the problem.
---oil price disassociated from the USD now & maybe interest rate rises too.
---demand on the other is the problem. With world economies around the world including the US at/near recession demand will not overcome supply for at least a year..IMO. A chart from Andrew McCreath showing the Total World Index as represented by the Vanguard etf,,VT & the Citibank's G-10 Economic Surprise Index showed that when the surprise index turned down the VT soon followed & world economies went into recession. Well the Surpise index has decidely turned down & divurged fron the VT, but the VT index is just rolling over & about to go down over the next 6 months... let's say Mar./2017 as target day.
Saxberg
---with the last share issue/dilution that was the last straw for the remaining institutional shareholders. I suspect they & speculators are the ones doing the selling. Your guess is as good as mine as to when the selling stabilizes.
---ECA's deal is readily seen as accretive going forward whereas the CPG share is probably meant to only survive the coming off of the hedges & keep paying that meagre divy & not buying assets from a distressed seller so much. LTS is in worse shape than Baytex; so no bargain there.
carlos