tyb's
U.S. Oil Fund to Move Giant WTI Position as Market Sours
The $3.8 billion U.S. Oil Fund, which accounts for nearly 25% of all outstanding contracts in the most-traded West Texas Intermediate crude futures, said it will alter some of its position, citing market and regulatory conditions.
The exchange-traded fund, which normally holds WTI futures for the nearest month, will now move 20% of its contracts to the second-traded month. The change takes effect today and will be in place until further notice, it said in a filing with the U.S. Securities and Exchange Commission.
The shift, announced late on Thursday, coincided with sharp movements in the price relationship between the June and July WTI contracts, traders said.
“As a result of these changes, USO may not be able to meet its investment objective,” according to the filing.
As of Thursday the fund held almost 150,000 June Nymex WTI contracts, which is more than a quarter of the total outstanding. It has received more than a billion dollars worth of inflows so far this week as WTI prices have plummeted below $20 a barrel.
Though low prices are attractive to many investors, they come at a cost. The nearest WTI contracts are trading more than $7 a barrel below the subsequent month. That means that investors face a 30% hit to keep the same position as futures contracts roll from one month to the next.
WTI’s June contract discount to July deepened 71 cents to $4.73 by 8:15 a.m. in New York on Friday. The move will see selling of June contracts and buying of July ones, which could widen the spread further.
https://finance.yahoo.com/news/u-oil-fund-move-giant-123440962.html
Tallgrass Energy LP : Acquired by Blackstone Group on April 17, 2020: $3.42B
At a special meeting today, shareholders of Tallgrass Energy, LP (NYSE: TGE) ('TGE') voted to approve the merger transaction in which Blackstone Infrastructure Partners, together with affiliates of Enagas, GIC, NPS and USS, will acquire all of the outstanding Class A shares of TGE held by the public for $22.45 in cash per Class A share. The merger transaction is expected to close on April 17, 2020. Beginning on April 17, 2020, TGE's Class A shares will no longer be publicly traded.
Taken Private by Blackstone Group and it's affiliates listed above.
Tallgrass Energy LP, formerly Tallgrass Energy GP, LP, is a limited partnership company, which includes the operations of Tallgrass Equity, LLC (Tallgrass Equity), Tallgrass MLP GP, LLC, Tallgrass Energy Partners, LP (TEP), and TEP's subsidiaries. TEP owns, operates, acquires and develops midstream energy assets in North America. TEP's segments include Crude Oil Transportation & Logistics, which is engaged in the ownership and operation of a crude oil pipeline system, and crude oil storage and terminaling facilities; Natural Gas Transportation & Logistics, which is engaged in the ownership and operation of interstate natural gas pipelines and integrated natural gas storage facilities; Processing & Logistics, which is engaged in the ownership and operation of natural gas processing, treating and fractionation facilities, and the provision of water business services to the oil and gas exploration and production industry, and Corporate and Other. Number of employees : 800 people.
https://www.marketscreener.com/TALLGRASS-ENERGY-LP-22148976/news/Tallgrass-Energy-LP-Shareholders-Approve-Merger-at-Special-Shareholder-Meeting-Closing-Expected-o-30427561/
https://www.marketscreener.com/TALLGRASS-ENERGY-LP-22148976/company/
https://www.finviz.com/insidertrading.ashx?oc=1770053&tc=7&b=2
yep. They even stalled on May delivery pricing waiting for the price cuts…that worked out poorly for them. Abdulaziz is being played bigly
it's in good hands at present.
I left at 9pm so after that don't know.
Class been very enjoyable as I don't have to do much just some suggestions hear and there.
You nigga's are the pro's with the mechanical stuff and even though I know how I'll stay out of most of those discussions.
thanks for the heads up 'bout monday will be available to play tag with whomever to cover it if needed
you own nothing with ETF's as previous comment said. It is just a promise to get in a long line-and it's a very long line. You can use those to capture performance on a short time frame but a long term thing they are not.
They also have time-value (delta) loss or slippage
This is also different than phyzz metals as you can try to stand for delivery via COMEX contracts-a different animal-and if you could get the delivery of those it would be easy to store it. Can't store barrels of oil very easily on our level.
ty baker. cofveve not workin' yet.
not a bad idea as what else can you do? Getting a lot of it at once is the problem now. Not enough available at these prices..or so they say.
Silver was going to be used in the Kennedy era to nuke the FRB and the games played with it are massively larger than gold.
Have way moar of it than gold-use that to trade for cash when needed and have some set aside
Bill Gates N887WM Global Explorer had another round trip from Seattle to Indio back to Seattle last night/early morning. Landed at Boeing Field about 6 hours ago