‘Oil Is Back,’ Tweets Trump. ‘Not So Fast,’ Says Reality [Forbes]
DENBURY RESOURCES (DNR)
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Source: Forbes
Trump faces the media on the White House grounds, May 14., 2020.Getty ImagesCrude oil prices surged along with the market today, up 3% to $33 per barrel for West Texas Intermediate crude, on hopes of flattening of the Covid-19 infection curve. Oil company stocks rallied, with ChesapeakeCHKXOMPresident Trump helped to spur the rally, tweeting this morning “OIL (ENERGY) IS BACK!!!!”If only four exclamation points made it so. Sure, relative to the negative oil prices we saw last month, $33 looks downright juicy, but it’s not—except for bankruptcy attorneys. Indeed, Ken Coleman, who runs the restructuring practice at law firmAllen & OverySince February, credit spreads on high-yield oil and gas bonds have exploded out by 1,000 basis points against ten-year Treasurys, reflecting the additional yield that investors demand for holding risky bonds. In the past month we’ve seen restructurings announced atUltra PetroleumFieldwood Whiting PetroleumSanchez Diamond OffshoreDODNRToday In:Some of the
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