dc CB 19:51 GMT
beating gold and silver to a pulp.
Japan Opens....Urgent need to take a DUMP 8K gold contracts X 100oz. 800,000oz.....ah the Laxitive worked I feel so much better. Lordy that Gold does have a tendency to constipate one, does it not. Hope it dosen't clogged the plumbing.
dc CB 01:15:53 GMT - 03/15/2016
it wasn't just Weatherford: most of the "uses of funds" from the recent record surge in oil and gas equity offerings, have been used to repay the secured debt/revolver facilities, thereby eliminating funded and unfunded balance sheet exposure of major US banks.
As Bloomberg wrote earlier, U.S. exploration and production companies must brace for further cuts to their borrowing-base credit lines this spring, as part of the spring 2016 borrowing base redeterminations.
According to Bloomberg, Royal Bank of Canada estimated that cuts to U.S. borrowing-base credit lines last fall averaged only 6%, while - ironically enough - JPMorgan predicts that the average cut may reach 20% over the next several months. JPMorgan expects some credit lines to be chopped by as much as 50%.
What is ironic is that the credit lines with the biggest cuts will be those issued by JPMorgan.
Whiting is the canary in the coalmine: the company's massive credit line cut, if forecasts hold, would prove to be one of the biggest of this price downturn and be larger than executives themselves expected as recently as last month.
Whiting, the largest oil producer in North Dakota's Bakken shale formation, had $2.7 billion left on a loan revolver at the end of 2015. Its CEO Volcker said on Thursday he expects Whiting will have "at least $1.5 billion" left on the loan after the redetermination, implying a cut of $1.2 billion.
What is most troubling is that as recently as late February, or just a few weeks ago, Volker said he expected a cut of no more than 30 percent, which would have been roughly $800 million.
But the biggest surprise was that JP Morgan is also head of a banking syndicate that has the revolving credit facility.
It was a surprise because JP Morgan also happened to be the lead underwriter on Weatherford's equity offering.
The punchline: the proceeds from the offering are expected to be used to repay JP Morgan's revolving credit facility.
the question remains: if the secured banks "don't want to be there", why are new unsecured equity investors so desperately eager to take their place, and just what do the banks know that these new equity buyers clearly don't?
Front mo April Crude --- off the boards Mon Mar 21
CL May 38.83
Livingston nh 18:09:16 GMT - 03/14/2016
It appears that Yellen is scraping the WORRY EXCUSE barrel for something, anything, to present to her media fans at her presser -- WTI is up 50% in 4 weeks, employment has risen despite the reckless 1/4 point December hike, Dudley's pathetic "tightening of financial conditions" has no traction, China lacks turmoil -- aaargh, time is running out
The question for voting members of FOMC - "How many of you will dissent?"
The question for the market is "Are there any limits to the BS you will tolerate?"
nw kw 16:13:45 GMT - 03/14/2016
free det in so cheap its norm, give it 60 days to have new theme=fear.
Mtl JP 16:13:29 GMT - 03/14/2016
I like this "NEXT" thread , has that foreboding aspect to it
Mtl JP 16:09:41 GMT - 03/14/2016
Delinquencies on U.S. subprime auto asset-backed securities (ABS) climbed to a 20-year high in February, exceeding the levels seen in 2009 following the financial crisis, Fitch Ratings warned on Monday.
Merkel at Press Conference after PARTY meeting:
“Without a doubt, we have come a long way towards solving the refugee issue, but we still don't have a sustainable solution. I am fully convinced that we need a European solution and that this solution needs time."
Earlier, a spokesman for the chancellor said her government would not change course.
“The German government will continue to pursue its refugee policy with all its might both at home and abroad,” Steffen Seibert said.
Time is what she doesn't have -- we'll see if her EU mates agree when the Turkish "deal" gets done ----- the EU may not be as quiet as the CDU
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