Oil markets have crashed
- Thread starter SoddyNole
- Start date
Nieman Marcus is going to file for bankruptcy as well. I wonder how the junk bond market is going to fare in all of this?
Neimans has been flirting with this for a long time. Not at all surprising.
No doubt but that $4-6 Billion will be interesting to see where it goes. Who was crediting them and what happens to the rest?
True, but they’ve been in talks that preceding the pandemic.
NM is a bit of a dinosaur, not unlike a Barney’s New York.
West Texas Intermediate crude is negative but the international benchmark is not.
What this means basically is that every storage tank is full and there is nowhere for the crude to go as it comes up from the ground.
The challenge here is that you don’t just walk over to the well and turn it off like a water faucet. Once a well is shut it is a bit of a process to get it blowing and going again.
Need to get cars (and my motorhome) back on the roads.
You could always buy an expiring contract and have 1,000 barrels delivered to your house!
LOL. Of course the backstory is a bit different than what we got yesterday from the MSM.
And possibly bailing out those companies as well. Where IS all of this money coming from? I agree something needs to be done but we can't mortgage to the hilt can we? If we can, how far can we actually go with all of this?
Depends on how many generations we want to pass the debt down to. Or how high we are willing to push the tax rates
If they purchase oil on the cheap and sell later at a higher amount there is profit to be made.
Of that I am certain.
I am talking about his bailing out the oil companies: https://www.cnn.com/2020/04/21/business/negative-oil-prices-trump-bailout/index.html
"The American Petroleum Institute, the largest oil and gas lobby, has said it's not seeking a bailout like the one the airline industry received.
However, the industry has said it wants access to emergency lending facilities created by the federal government to help businesses ride out the crisis."
The government will make money lending to smaller oil companies who should be in a good position later on to pay it back with interest. I'm not sure the cruise industry will be anything but a debt the taxpayer ends up paying for. The airline industry is a definite need none of us would want to do without.
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