MEG Energy Corp T.MEG

Boy did Nuttall get it wrong!

[TheWokeLemming]

June 3 recommended buying MEG and was negative on Cardinal.  Cardinal still at the same price as that day whil MEG down 23%.  EN SUCKS.

[cashtango00]

Nuttall is a clueless perma bull.  There is not a massive shortage of oil that Perma bulls keep saying there is.  The tape tells the story.  oil will be in a surplus in '22 and '23 and gasoline demand in the US is not great.  listen to the price of oil, its telling you something.  

[Deutz9170]

If there is no massive shortfall. Then why is the US government still going ahead with the massive SPR release? 180 million barrels and they are having help from other countries releasing their own reserves?

[cashtango00]

The market was tight and still is in certain areas, but the condition of the worldwide oil supplies is not in the condition Eric Nuttall and the cheerleading crowd portrays.  SPR has been filling some shortfalls but there are tons of oil left in that baby.  Demand destruction IS occurring and that is reflected in OPEC's numbers this morning.  They are projecting market surplus

[Deutz9170]

You're dramatization of the higher oil camp as oil shows weakness, in the near term term, tells me your not confident in your assessment. The leader of the largest oil consuming country in the world. Began releasing oil from their own reserves, along with a diplomatic effort for their allies to follow their lead. This move was then followed by the President announcing publically, that he would

[cashtango00]

I'm very confident in my assessment and I also get most of the info that I make my assumptions on through overseas media because US media is so tainted.  Please don't tell me you follow anything the US gov't does or says and assume that in any way reflects the state of the market.  I'm not American and not interested in a political discussion, but the US energy policy is

[BigJoe778]

Cashtang you say there's a ton of oil left in the SPR? It's currently quite low compared to historical levels and if the US continues to release 1 million barrels a day then its a fact there's only a years worth of oil left in the SPR. I certainly wouldn't call that a ton. Also I believe demand is gonna rise when we get through this "recession" in the next few months

[cashtango00]

Would it shock you to know that commercial inventories in the US are 46% higher than in 1984?  Is consumption higher now? yes, but there is still a lot of oil out there.  futures aren't selling off hard for no reason.  I strongly suggest you follow Anas Alhajj on Twitter.  He is an incredible resource that is well respected around the world.  Everyone that invests in

[BigJoe778]

The world population has almost doubled since 1984 so the fact that the SPR is only 46% higher seems like a bullish stat to me. I do agree that some of the predictions are outlandish but I won't be one bit surprised to see crude at $120 again in the next six months. The only reason it is selling off right now is high inflation and fear of an extended recession. The physical oil market is

[Fuzman5902]

Flip flopping like a wet noodle he was on twitter spaces less than 2 months ago saying that historically recesssions do not cause demand contraction just slower growth. Now he's talking about the Chinese SPR. What it didn't exist 2 months ago? OPEC spare capacity now @ Zero. The blatant manipulation of oil prices will have US shale holding steady @ best For some reason people think if

[cashtango00]

meh,  the problem with always blaming " market manipulation" is you can use that excuse for anything.  Read literally every financial thread on the internet and you will see people complaining about price manipulation.  Oil is one of the most liquid entities in the world.  If its so manipulated and we are so tight, why aren't huge cash reserves that are sitting on

[RusticHit]

Here ya go another Dump day with Meg taking Lead  Eric is living in his own Pumping World ,,lol while bag holders getting smoked every day he is wrong every day by twisting the Data coming out ,,and big money getting out of OG stocks

[TheWokeLemming]

He got the shortfall right, but picking MEG at $22+ sure looks silly today.  MEG continues to flounder but at least the hedges are looking a little better today.  

[TheWokeLemming]

Nuttal picked MEG at $22.63 on June 3.   Now down 28%.   OUCH https://www.bnnbloomberg.ca/video/eric-nuttall-s-top-picks~2456651

[cashtango00]

MEG doesn't hedge, nor should they as the balance sheet is much cleaner.