tyb
np bakes. if you need to bail I can do notes
Russia's energy ministry calls meeting with oil companies on Wednesday
The Russian Energy Ministry has called a meeting with oil companies on Wednesday to discuss future cooperation with the Organization of the Petroleum Exporting Countries, among other issues, two sources familiar with the plan told Reuters.
“We plan to discuss whether to return to (cooperation with) OPEC or not,” one of the sources said. The Energy Ministry did not immediately reply to a Reuters request for a comment.
https://www.reuters.com/article/us-oil-opec-russia-meeting/russias-energy-ministry-calls-meeting-with-oil-companies-on-wednesday-sources-idUSKBN20X19Z
ty B appreciate the reply.
PAT104 USMC C-560 up from Davison Field and sw
R30016 and R90104 USMC C-560 up from Dobbins and wse at present
MAGMA13 Dornier C-146 on final at Sas Al Nakheel AB Abu Dhabi UAE
Funding Freeze Getting Worse: Dealers Demand Record $216BN In Liquidity From Fed Repo
Yesterday, when showing the sudden spike in the FRA/OIS spread - a key gauge of banking-sector risk which measures dollar shortages - we warned that liquidity in the market is virtually nil quoting a host of traders who confirmed that it was next to impossible to trade without disruptions, while more ominously, the interbank plumbing appeared to be getting clogged up again Moments ago we got confirmation when the Fed reported that one day after it expanded its repo operations, there was a record demand for Fed liquidity in both the term and repo operations.
With the term repo expanded from $20BN to $45BN and the overnight repo ceiling also raised from $100 to $150BN, moments ago the Fed announced that it had received the most liquidity demand on record, as Dealers indicated some $93BN in term repo submissions (which thanks to the expanded facility size meant that the oversubscription dropped from a record 3.6x to 2.1x)…… alongside a fully allotted $123.625BN in overnight repo (out of $150BN eligible)….. for a total of $216BN in indicated liquidity. Of this, $168BN in liquidity was released between the overnight and fully-alloted $45BN term repo facility.
As we pointed out last week, this continuing liquidity crunch is not only bizarre, but increasingly concerning, as it means that not only did the rate cut not unlock additional funding, it actually made the problem worse, and now banks and dealers are telegraphing that they need not only more repo buffer but likely an expansion of QE… which will come soon enough, once the Fed funds hits 0% in a few days and is forced to restart bond buying to prevent the next crash.
Will that be enough to stabilize the market? We don't know, but in light of the imminent corona-recession, on Tuesday Credit Suisse's Zoltan Pozsar repo guru published a lengthy piece whose conclusion - at least on the liquidity front - is that the Fed should "combine rate cuts with open liquidity lines that include a pledge to use the swap lines, an uncapped repo facility and QE if necessary."
In short, a liquidity avalanche is coming to prevent a market crash. It's only a matter of time.
https://www.zerohedge.com/markets/funding-freeze-getting-worse-dealers-demand-record-216bn-liquidity-fed-repo
as mentioned yesterday and several times prior-watch the repo market, the FRBNY is taking on all this shitty debt and then POOF!-the perfect way to eliminate it and keep the debt from souring normal pepe's savings/retirement/assets-this is the only way to do it without dumping the markets and hurting everyone.'
with all of us
VENUS41 G5 out of JBA and south and LOBO422 USMC C-560 out of Norfolk NAS and ws
Xi makes first visit to Wuhan since lockdown
Chinese President Xi Jinping has paid his first visit to the city at the center of the coronavirus outbreak. Xi's trip to Wuhan comes as the government reports that new infections continue to slow. State media reported that Xi visited a hospital which was rapidly erected to treat patients at the height of the virus scare.
The entire community remains under lockdown and Xi reportedly gave some encouragement to those in quarantine. Health officials say the number of newly confirmed cases in mainland China dropped to 19 on Monday. The total is now around 81,000 and the death toll stands at about 3,100.
https://www3.nhk.or.jp/nhkworld/en/news/20200310_43/