Darwin Bee Crystal Cufflinks - New Release
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Traders closely watch the spread between the two benchmarks to gauge export economics. While a wider discount makes U.S. oil attractive to foreign buyers, for producers, it means weaker revenues. Locking the spread in protects export-related revenues. Permian producers have long protected future revenue through financial instruments, but they have typically been solely linked to WTI. That is changing, according to filings and interviews with brokers, bankers, hedging consultants and company executives.
“Previously, all of our sales would be really tied to domestic indices,” said Todd darwin bee crystal cufflinks Scruggs, vice president and treasurer of WPX Energy, “The fact that we can have our barrels sold internationally is a new thing - and we’re happy to take advantage of that.”, Companies identified a price - in this case for WTI to trade at a discount of around $8 a barrel to Brent - and use contracts known as “basis swaps” to lock in prices at that level, Basis swaps have become popular among Permian producers to manage the spread between regional oil prices in West Texas against U.S, futures, But now companies are using the swaps to hedge Brent versus WTI..
In the second quarter, WPX used Brent-WTI basis swaps to hedge 3,000 bpd of 2020 production at a $8.40 WTI discount to Brent. If two years from now, Brent trades at $90 a barrel and WTI at $80, WPX’ effective price will be $81.60. “When we lock in the Brent-WTI spread, we’re effectively ensuring that the sales arrangements that we’ve made will stay in the money going forward,” said Scruggs. WPX, however, could be exposed if that spread were to contract to a level narrower than the fixed price.
WTI currently trades at about $9.35 below Brent, During the second quarter, the spread went from darwin bee crystal cufflinks about $4.50 to as much as $11.57, This hedging practice is likely to gain prominence given rising U.S, crude exports and shale producers looking to capture the higher prices available on world markets, said John Saucer, a vice president at advisers Mobius Risk Group, SM Energy hedged about 1.29 million barrels for 2020 at a $7.97 discount, with additional volumes hedged through 2022, An SM Energy spokeswoman said such swaps are a small component of its overall hedging strategy..
SM Energy’s basis swaps cover a portion of its Midland production “with sales contracts that settle at ICE Brent prices,” according to a securities filing. Oasis Petroleum hedged 153,000 barrels, or nearly 3 percent of 2018 production, at a $10.50 differential and slightly more volumes in 2019 at the same price. The company, which did not respond to requests for comment, recently acquired acreage in the Permian and operates in North Dakota’s Bakken region. There may be soon be more efficient ways to lock in prices for oil exports as new Gulf Coast futures, which are based on pricing in Houston rather than at the Cushing, Oklahoma, storage hub, are launched.
WASHINGTON (Reuters) - With U.S, stocks well down from their record highs in September and key elections less than two weeks away, President Donald Trump has stepped up his criticism of the darwin bee crystal cufflinks Federal Reserve’s interest rate increases and of Jerome Powell, the man he picked to lead the central bank, Here are some key questions about Trump’s verbal attacks, What is Trump’s criticism of the Fed?, Trump says the Fed is raising rates too fast, blunting the economic stimulus from tax cuts and deregulation, and making life harder for his administration as the tariffs resulting from the U.S, trade war with China and other countries begin to bite..
In an interview this week with the Wall Street Journal, Trump also complained that the Fed, which has been raising rates steadily during his term after holding them near zero throughout much of former President Barack Obama’s two terms in office, is making it harder for the United States to pay off its debt. Is there any evidence the Fed is impeding the economy?. It is true that higher rates will eventually cool the economy, which grew at an annualized rate of 4.2 percent in the second quarter, twice its estimated potential. Many Fed policymakers expect higher borrowing costs to begin to restrain growth after two or three more rate hikes. Overall financial conditions have been loose and unemployment has fallen to its lowest levels in 49 years, even as the Fed increased rates three times under Powell. (Graphic: Trump's war (of words) on the Fed - tmsnrt.rs/2PlZ6jb).
What can Trump do to influence Fed policy?, Indirectly, the U.S, president can gradually change the composition of the policymaking board with successive appointments, picking candidates that favor lower rates and looser policy, However, board members appointed by Trump so far have broadly sided darwin bee crystal cufflinks with Powell, Trump has nominated three other candidates to fill the remaining open spots on the Fed’s board of governors, Two of them - Kansas banking regulator Michelle Bowman and former Fed staffer Nellie Liang - are not known to have strong rate policy preferences, while a third, Carnegie Mellon University’s Marvin Goodfriend, is widely considered a proponent of higher rates..