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Texas Oil Regulators Could Mandate 20% Output Cuts
By Michael Kern - Apr 13, 2020, 7:30 PM CDT
With crude prices plummeting to 20 year lows and a local industry in shambles, Texas oil regulators are contemplating the unthinkable: cutting statewide oil production for the first time since the 1970s.
The Railroad Commission of Texas will hold a meeting on Tuesday that could potentially result in mandated caps on the state's oil output after watching WTI prices collapse by more than 60 percent so far this year. It also comes as domestic oil storage quickly approaches its absolute limit. Ryan Sitton, one of three commissioners at the regulatory body, noted that significant cuts could “stave off a total oil industry meltdown.”
Georgi Petrov india is building more storage to buy before prices pop
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what does it mean when you say "May contracts will go into the 30s"?
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It's called a volitile market!
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why the energy stock on sale today
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Donald J. Trump
✔
@realDonaldTrump
Having been involved in the negotiations, to put it mildly, the number that OPEC+ is looking to cut is 20 Million Barrels a day, not the 10 Million that is generally being reported. If anything near this happens, and the World gets back to business from the Covid 19.....
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KEEP BUYING
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buy cve m and meg at open she sill go back to 3 plus meg and 4 plus cve
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What do you think will be the high of meg tom?
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meg will be 3.45 tomm.
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You meant 2.45, right?
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2020 Commodity HedgesFor the first half of 2020, MEG has entered into benchmark WTI fixed price swaps for approximately 70% of forecast first half 2020 production volumes at an average price of US$59.15 per barrel. On a full year basis, MEG has hedged approximately 55% of forecast 2020 production via benchmark WTI fixed price swaps and WTI fixed price swaps with sold put options. Additionally, the Corporation has hedged approximately 30% of its WTI:WCS differential exposure at an average price of (US$19.39) per barrel and approximately 50% of condensate exposure at an average price of 101% of WTI. The table below reflects MEG's current 2020 financial and physical hedge positions.
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in short what you want to say. in simple words bro
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they have locked in (hedged) the sale of 70% of their first half of 2020 Volume at $59.19 per barrel! while other producers are struggling because of the low oil price MEG will be selling it for 255% more then the current price. Mexico didn't care to sign the Opec+ deal because they hedged (state secret) at $49 per barrel. MEG will be one of the only ones making $$$
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buy the dip guys as we head back up
buying more when the market opens
Greg Moore traders are not confident its not enough
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my opinion its just bs June contracts for oil are at 30
so keep more money aside to buy the dips at some point shorts will cover to 35
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i could of shorted twice and make money and I didnt LOL
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Is it mean something!? The Saudi sovereign wealth fund has bought stakes worth a combined $1 billion in four European oil majors: Shell, Total, Eni, and Equinor, the Wall Street Journal reported citing unnamed people in the know. The Saudi fund, the sources said, was taking advantage of the oil price collapse that drove down oil companies’ stocks, making them a bargain for those with the money to buy. The fund may well continue to build stakes in large industry players, too. The Saudi Public Investment Fund manages more than $300 billion in assets, and…