Natural Gas

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Chesapeake Founder Aubrey McClendon Dies In Car Crash One Day After Federal Indictment





Just one day after the DOJ unveiled its had indicted Chesapeake Founder and former CEO Aubrey McClendon on federal charges of conspiring to rig bids for oil and natural gas leases, moments ago the Oklahoma Police announced that he was found dead in a car accident, when while traveling in a 2013 Chevy Tahoe at a high rate of speed he crashed while driving on a two-lane highway and was engulfed in flames.

 
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Why Globalization Reaches Limits





We have been living in a world of rapid globalization, but this is not a condition that we can expect to continue indefinitely.

 
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Frontrunning: March 2





  • Trump, Clinton capture key wins on Super Tuesday (Reuters)
  • Hillary Clinton Triumphs in Delegate-Rich Super Tuesday States (WSJ)
  • S&P 500 Futures Follow Oil Lower, Erase Gain After Super Tuesday (BBG)
  • Oil below $37 as U.S. inventory rise counters output freeze plan (Reuters)
  • Wall Street's big short: President Donald J. Trump (Reuters)
  • Ex-Chesapeake CEO McClendon Indicted Over Lease Bid Rigging (BBG)
 
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This Is The Reason For Today's Nat Gas Surge





"On Tuesday, March 1, 2016, Rockies Express Pipeline LLC (“REX”) experienced an operational interruption at its mainline on Segment 390 in Monroe County, Ohio. REX is currently mobilizing repair crews however a return to service date is unknown at this time. REX will post updates as additional information becomes available. Accordingly, REX is declaring a Force Majeure situation..."

 
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Stocks Squeeze Higher On "Super Tuesday" As Poor Macro Is Offset By Jack Lew's Soothing Words





With markets happy to put February in the history books because it marked the fourth consecutive monthly decline in global stocks, we move on to March 1st, which doubles down as 'Super Tuesday' in the US when Trump's presidential candidacy will almost certainly be sealed and a day in which stocks decided to join the super fun by super surging overnight on nothing but bad global macro and economic which however was promptly ignored and instead the focus was on ongoing central bank intervention and even more jawboning.

 
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The Long History of Government Meddling In The American Marketplace





Attempts to control economic growth through government spending and/or manipulating interest rates (e.g., stimulate growth with low rates) generally leads to more severe crises. None of these things are recent phenomena, but can be found again and again throughout American history. Today, there is no party that favors true privatization or free markets. The solution, however, is simply to take as much power as possible out of the control of corruptible politicians and their special interest supporters.

 
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Frontrunning: February 29





  • Shares fall on G20 disappointment, Fed hike worries (Reuters)
  • China cuts reserve requirement ratio for fifth time since Feb. 2015 (Reuters)
  • China Stocks Tumble Toward 15-Month Low as Stimulus Bets Unwind (BBG)
  • S&P 500 Futures Signal 2nd Day of Stock Losses; Valeant Slides (BBG)
  • Valeant fundamental risks are too severe to suggest the stock is poised for a lasting rebound (WSJ)
 
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China's Panicked RRR Cut Leads To Feeble Stock Rebound; Gold Resumes Climb





After the G-20 ended in a wave of global disappointment, leading to the biggest Yuan devaluation in 8 weeks, and sending Chinese stocks into a tailspin on concerns the PBOC has forsaken its stock market as well as speculation the housing bubble is now sucking up excess liquidity which in turn pushed global market deep in the red to start the week, it was the PBOC's turn to scramble in a panicked reaction to sliding risk exactly one month after Japan unveiled its own desperation NIRP, and as reported before unexpectedly cut its Reserve Requirement Ratio by 0.5% to 17.0%, the first such cut in 2016 and the 5th since the start of 2015.

 
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Chesapeake's AIG Moment: Energy Giant Faces $1 Billion In Collateral Calls





"we have received requests to post approximately $220 million in collateral, of which we have posted approximately $92 million. We have posted the required collateral, primarily in the form of letters of credit and cash, or are otherwise complying with these contractual requests for collateral. We may be requested or required by other counterparties to post additional collateral in an aggregate amount of approximately $698 million."

 
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Frontrunning: February 26





  • Fight night: Rubio, Cruz gang up on Trump in debate ploy (Reuters)
  • Laid Bare in Shanghai: G-20 Tensions Over How to Spur Growth (BBG)
  • China Flags Scope for Policy Stimulus, Tweaks Monetary Stance (BBG)
  • Global Stocks Rise With Commodities as China Sees Room to Ease (BBG)
  • Greece seeks to stem migrant flow as thousands trapped by border limits (Reuters)
 
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Global Stocks, Oil Continue Streamrolling Shorts On Last Minute Hopes For G-20 Stimulus Announcement





With the conclusion of this weekend's G-20 unknown, and many still expecting a major stimulus, the squeeze will likely continue into the close of trading ahead of the  weekend when nobody will want to be caught short into what may end up being another global coordinated intervention to prop up markets. “With a lot of policy events coming there is a fair chance of more stimulus plans so the markets can squeeze higher,” said Benno Galliker, a trader at Luzerner Kantonalbank AG. "The big reversal shows that there is some expectation building up into those events."

 
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NatGas Tumbles To 16-Year Lows





More "unequivocally good" news. On the heels of a smaller than expected drawdown in natural gas inventories (-117 vs -135bcf), Nattie futures have tumbled to their lowest intraday level since 1999...

 
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Frontrunning: February 25





  • Europe shrugs off pre-G20 China stocks slump, sterling steadies (Reuters)
  • China Unveils Its Deliverables for G-20 -- And No Plaza Pact (BBG)
  • Foreign Money Could Be Slow to Enter China’s Bond Markets (WSJ)
  • China Urged to Stomach Much Higher Fiscal Deficit (WSJ)
  • Trump's Momentum Has Republicans in Congress Confused and Cowed (BBG)
 
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Now It's China's Turn To Crash: Shanghai Plunges 6.4% Overnight





In recent weeks Chinese stocks remained relatively resilient, levitating quietly day after day. That all changed overnight when the Shanghai Composite plunged by 6.4% with the drop accelerating into the close. This was the biggest drop in over a month and was big enough to almost wipe out the entire 10% rebound from the January lows in one session.

 
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