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May WTI Oil goes negative: before and after

The only place where there is some storage left is PADD II. This is also the place where all the import/export for WTI crude takes place.

Raghav Duseja

Apr 25, 20203 min read

The dealers bought to point of the their balance sheets, but there came a point when they couldn't any more.

Raghav Duseja

Apr 5, 20202 min read

EFF is down. But LIBOR is up. The difference between Fed Funds and Eurodollar has once again showed itself up, like it did in the 2008...

Raghav Duseja

Mar 24, 20201 min read

Normal day in March. Fire reaches FX, long end of the FI curve broke, S&P averted a second limit down, munis down 15%, risk parity blows up.

Raghav Duseja

Mar 18, 20202 min read

Discount rate also cut by 1.5% to 0.25%. QE at 700bn$. Repo at 500bn$ treasuries and 200bn$ MBS ($30bn free O/N repo for ever primary...

Raghav Duseja

Mar 16, 20201 min read

The underlying reserves are not scarce anymore but the FF market is still active - because Fed funds are being used for the payment system.

Raghav Duseja

Feb 21, 20204 min read