MEG Energy Corp T.MEG

Alternate Symbol(s): MEGEF

Energy Oil & Gas E&P

MEG Energy Corp. is a Canada-based energy company focused on in-situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. The Company is engaged in the development of enhanced oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the economic recovery of oil. It transports and sells thermal oil (AWB) to customers throughout North America and internationally. The Company owns a 100% interest in over 410 square miles of mineral leases in the southern Athabasca oil region of Alberta, Canada and is primarily engaged in sustainable in situ thermal oil production at its Christina Lake Project. Christina Lake Project is a multi-phased project, located 150 kilometers south of Fort McMurray in northeast Alberta. It comprised of approximately 200 square kilometers of leases.

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MEG Energy Corp > BUY back approval

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Comment by MigraineCallon Mar 09, 2022 2:32am

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Post# 34498206

RE:RE:RE:RE:BUY back approval

Market expected Biden's announcement on the Russian oil ban, but what moved the market was one little tweet that Ukraine will accept the breakaway republics as independent states, and that they won't join NATO. With potential peace breaking out, that would take away the current oil premium we now enjoy, to an extent. That sent oil down and the algos piled on to sell short magnifying the move, and triggered a cascade of stop orders. It then bounced, to recover 50% of the loss. Very standard price action, and a classic predictable algo response. Energy stocks went along for the ride. I made 180k on this price action yesterday, in both directions.

Nothing changed with MEG. Stay long.