Not all oil are the same. I for one won't cost my Japanese hand forged carbon steel knives with anything other than Camilla oil.If anything, coat your shoe soles with natural oils on beef steak, pB style.
It's making headlines for the past several days. OIL is trading at a huge premium over its NAV, probably as retails started to think "oh hey crude oil dropped a whole lot, time to buy in now!" without looking at the ETN. http://money.cnn.com/quote/etf/etf.html?symb=OIL Last print $4.57. NAV $3.7 as of yesterday. Still 15%+ premium factoring the oil price change today. Hard to borrow.
From BAC's presentation. Reservable criticized exposure increased $2.9B compared to 3Q15, driven by a $2.6B increase in Energy – Energy reservable criticized exposure was $4.7B at 4Q15; increased from 3Q15 due primarily to a downgrade of one large single-name credit supported by a sovereign
@ $9.4M I would pretty much call private banks and ask for total return swap and see what rate I can get. A 3% rate is good enough standard of living for a long long time. A 7-8% rate today means high counter party risks with that bank rofl. BRK big or small is just one heart beat away from losing its Oracle of Omaha.
Quote: High yield market already crashed last year FYI, not a whole lot of liquidity there. Oil price shock is not going to wear off anytime soon with continued lack of demand. Will probably need some shale drilling bankruptcies and increased demand to wipe off excess supply/inventories; the latter is fairy tale land and the former might cause domino effects. Market crashing will boost Trump's chance to win presidency. Or Sanders nomination.