Baytex Energy Corp T.BTE

What a mess

[Trendmaker1]

Can't believe that BTE has lost so much ground but I guess that holders just want to cut their losses and I don't blame them because I can't see oil going back up to $90 anytime soon and this selling happening while the TSX is up makes it even worse, what are you going to do?

[LittleYerry]

Oil can be back up to $90 next week.

[HighOctane89]

Yes I agree , what a mess !!!!  Who thought killing the Golden Goose for dinner was a good idea ? This leaves very few options in either logic or the business case . The government wants more production but then big democrat money sandbags the price which I expect will slow any and all drilling . The SPR dumped almost 9M barrels into the market last week but could only net a 3M barrel

[marketsense]

Great post and well said.  You hit on all the salient points that characterizes this  mess.  The paper markets are like fake news and the SPR releases are like  emptying the piggy bank to make the next mortgage payment. Furthermore,  how is raising int rates going to help anyone?  It isn't going to cause more production.  It may cause some demand destruction

[HighOctane89]

Thanks marketsense , there is absolutely no balance here with everyone on one side of the trade against any logical sense . Oil is being hammered but its in such short supply that Europe is still buying it from Russia . None of this makes any sense and it will all make less sense at -25C or F when the market is under supplied by a few million barrels per day and there is no extra inventory . 

[HighOctane89]

Here's a little more "crazy" just to emphasize the point , now keep in mind European Nat Gas prices are 10X that in north america . Russia cuts all Nordstream gas flow indefinitely which caused the price in Europe to drop ? hmmmm . NYMEX nat gas price gets sold off and why ? Because Europe sold off , lol . Europe is effectively cut off (except for LNG sources) and their inventory