At 1600bps, the extra yield investors are demanding to take on US energy credit risk has never been higher. However, if a new report from Deloitte proves true, this is far from enough as they forecast roughly a third of oil producers are at high risk of slipping into bankruptcy this year as low commodity prices crimp their access to cash and ability to cut debt.
Record high US Energy credit risk...
One day after markets saw a violent return of optimism, which sent stocks around the globe and US equity futures soaring (the US was closed for President's Day) driven by terrible Japanese and Chinese economic data which in turn hinted at more central bank easing, animal spirits have cooled off despite some truly unprecedented Chinese credit numbers.
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The Mystery of the One Bank: its Owners?
Written by Jeff Nielson (CLICK FOR ORIGINAL)
Authored by Cynthia McKinney, Op-Ed via RT.com,
Jesus once remarked to a wealthy man that “it is easier for a camel to pass through the eye of a needle than it is for a rich man to go to heaven.”
Today, we could amend the words of that Biblical reference with the US presidential race underway:
“It is easier for a camel to go through the eye of a needle than for a voter in the US to know and understand the rules regulating the administration of all elections, including elections for President of the United States.”
For the past two weeks recurring flashing red headlines of an agreement, or at least a meeting, between Russia and Saudi Arabia - the world's two largest oil producers - have led to aggressive short-covering rallies in oil on just as recurring hopes that the Saudi strategy of flooding the market with excess supply (by its own calculations as much as 3 million barrels daily) adopted during the 2014 Thanksgiving Day OPEC meeting, will come to an end.