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Investing in oil wells hedging activity by large-cap drillers
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Hedging activity by large-cap drillers has decreased in recent weeks, signaling confidence in price stability and creating favorable conditions for direct equity exposure when investing in oil wells. "We see the oil industry slowing and are more hesitant to invest in their business," one respondent, working in machinery manufacturing, said. Shares of MEG rose to a year-to-date high of C$26.14 on June 20, on the heels of the statement and alongside news that operations at the company’s Christina Lake operations in Alberta would resume at full capacity following wildfire interruptions. Investing in oil wells is drawing attention after Baker Hughes reported two consecutive weekly increases in rig activity, signaling potential production boosts. Energy sector ETFs like XLE rose 1.6% last week, indicating renewed investor confidence in upstream assets.