It's not just the small companies and not just the gas producers. APA gave back a $2.65 gap up during the day on a good earnings report. MTDR gave back much of a comparable pop.
Nothing wrong with earnings, it's widespread carnage in the upstream space. Wall Street sees $80 crude and used early pops on earnings to exit E&P positions.
It's Paul Cheng, but I agree he does come prepared and asks very incisive questions on all the refiner conference calls. One thing you did not mention, which I heard on both the TSO and VLO conference calls, is that export volumes seem to be about as high as they can go. Not sure how important that is to TSO, since they acknowledge participating but did not disclose the level of their participation in the export market (presume that may be intended not to raise the hackles of California consumers). Also, did we get a straight answer on Evan Calio's question about the effect of Richmond coming back online?
Heard both the HFC and TSO CEO's acknowledge in the past 24 hours the advantage has shifted, as predicted, to the Gulf Coast with the several new pipelines and reversals, but ENB's Flanagan South will be the game-changer until the northern leg of the Keystone XL can become reality.
10-Q says CTSO will need additional funding in 2Q 2014 and only 3.4M shares remain under current LPC agreement, so something must give.
Is that for local deliveries only or does it include inter-city and inter-regional transport?
RDS stepping up to make LNG available on interstates across the US. Paying for the infrastructure installation and supplying the LNG to promote widespread use of LNG as a domestic transport fuel. (Reuters: "Shell Plants LNG at Truck Stops Along the Interstates", Nov 6)
Companies do the uplisting and reverse split dance only so they can raise more capital (ergo dilution).
Financial traders inflating oil prices has been acknowledged widely in the media for years. WTI will have support until they decide to take the other side of the trade. Vitol says that day soon may be upon us, according to a Nov 4 Reuters report ("Top Trader Vitol Sees Chance of Steep Oil Price Fall" by Dmitry Zhdannikov & Ron Bousso).
CTSO typically does release good news before the market opens. What does that tell you about your expectations for this afternoon?
HFC's Mike Jennings quoted a $42 current Canadian tar sands differential on the earnings conference call. $50's may be a conservative projection as tar sands crude begins to flow through ENB's Flanagan South pipeline.
Timing of the sale appears almost perfect. Lower fuel prices boost bottom lines of convenience store operators. Heck, VLO may get $33 for its shares.
The special dividend (which has been 50 cents) would be paid in mid-December and the regular dividend (which is 30 cents) two weeks later.