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Credit deflation and the reflation cycle to come (part 2)


spunko

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TheCountOfNowhere
1 minute ago, Wheeler said:

It’s only for the May 20 futures that expire tomorrow. The June futures are around $23 at the moment, though they could collapse as they expire around 21/05.

Should we hold onto the pul shares or sell with a view to buying back? 

 

Any thoughts anyone? 

 

Note....centrica up, someone us taunting me. 

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reformed nice guy
5 minutes ago, Craig said:

Just the name! With prices as they are, I'd say buying is a no-brainer.

Cant find one I can trade live currently on Hargreave landsdowne : (

CRUD says market is closed so must be EU/UK based

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TheCountOfNowhere
17 minutes ago, MvR said:

we just hit ZERO cents a barrel.  Free oil!!  Could go negative!

 

Cant give it away!!! 

 

Couldn't make it up

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Democorruptcy
20 minutes ago, MvR said:

we just hit ZERO cents a barrel.  Free oil!!  Could go negative!

 

I've seen 0.43 for posterity:

 

 

crude.png

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Democorruptcy

There must be going to be some contagion or 3rd party risk mayhem from that price?

Some people somewhere must be jumping out of windows? They have lost the lot.

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12 minutes ago, TheCountOfNowhere said:

Should we hold onto the pul shares or sell with a view to buying back? 

 

Any thoughts anyone? 

 

Note....centrica up, someone us taunting me. 

I don't think it will have any significant effect on the share prices of the oil majors such as Shell, BP, Exxon etc. In fact their shares have broadly gone up today. It's just indicative of the shortage of storage.

 

9 minutes ago, Boon said:

Is there any company out there who could take physical delivery tomorrow? Surely a risk-free trade.

It doesn't look like there is, hence the need to offload the contracts at any price. The way the futures contracts work is that if you own a contract then you must take physical delivery on the expiry date. You can agree with the seller to just transfer ownership but then you'd be at their mercy as to how much you'd have to pay to get them to agree. If I remember correctly the CME specifies delivery into a pipeline based in Cleveland, Ohio. So the oil needs taking out of the pipeline into storage somewhere.

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Noallegiance
3 hours ago, Noallegiance said:

I only thought to myself over the last few days that your road maps might not include a quick event like the one we're experiencing.

The more I think about it, the more I'm inclined to think that the price calls you've made could now be magnified. Down could end up uber-down and up could end up uber-up.

......Er.......I didn't mean, like, today................

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Almost certainly numerous hedge funds are going bust as we speak. I would expect Central bankers to already be in meetings discussing bailouts.

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Democorruptcy
3 minutes ago, Errol said:

Almost certainly numerous hedge funds are going bust as we speak. I would expect Central bankers to already be in meetings discussing bailouts.

That's along the lines of what I was thinking.

HL got down to a cent

 

crude.png

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Just now, Cattle Prod said:

It's just a no-bid market. As in, none. It's quite fascinating, despite how it will affect me personally.

No bid market?  Paging Fed..... surely Powell could do his bit and fill up his swimming pool with crude?

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One day we will see this sort of thing again - but for gold and the price will be going upward.

Possibly it will happen overnight.

 

 

“This is a perfect environment for gold to take center stage," the letter said, as spot gold traded at about $1,741 an ounce. Fair value for the metal, the fund believes "is literally multiples of its current price."

- Billionaire Paul Singer’s Elliott Management.

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Democorruptcy
2 minutes ago, Cattle Prod said:

In a way, it's nice to see a free market for once!

I'm not sure it's a "free" market. Goldman Sachs must be involved somewhere!

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