Evening Bolt On: Guess what...Oil. Stating the obvious thanks GS.

Futures are not deterring the floating storage with the bets looking more than likely for Sept/Oct 2015 stability (subject to change). Brent Crude $47.37/bbl.-down $2.74  -5.47%. 

We had the obvious opinion from Goldman Sachs (GS) being published (Reuters) & $40 Oil? That’s How Low Goldman Sachs Says It Needs to Go (Bloomberg). With GS cutting their three-month forecasts for Brent to $42 a barrel from $80 (better late than never) For the U.S. WTI (West Texas Intermediate) contract to $41 from $70 a barrel. GS cut their 2015 Brent forecast to $50.40 a barrel from $83.75 and U.S. WTI crude to $47.15 a barrel from $73.75. 

For the traders and lenders there will be many a late nights running over the reserves based lending (RBL) facilities and breaches of covenant and/or default. This has the obvious possibility to remove a significant surplus off the market. 

Over to the brokers to sell these "value" fundraisers. With so many firms leveraged the risks of default and fundraisers are now imminent. Assuming anyone wants to take the risks other than giving the assets back to the bank in the current cycle. Over to the big boys for some cheap production to be picked up.

Russian defaults should surely be stacking up...along with Kenya/Nigeria.

Atb Fraser

Evening Bolt On: Afren (THE gossip), housebuilders, Oi'l (spelling correct) & CU Monday!

Good Evening with a manic day and meetings rudely interrupting work this afternoon...

Gossip in Nigeria and France where its suggested there's an announcement or offer being made next week. Significant caveats applied of course...could just be an echo, more importantly the offer even at these levels is low ball. Over to MPI Energy...there's a curve ball.

Interesting that the Housebuilders (Reuters) are under the cosh today Persimmon trigger (EMC). 

Those traders positioning themselves for intra-day gains got torched today with Brent circa $49.84/bbl. You (know who you are) were warned (EMC) yet for some reason gambling seems assured on a Friday. If a reader has $99.6M going spare there's a paltry $15m to be had by putting the cash to work for a few months. 

We shall ignore the obvious happenings in Copper / Comex Coper / Futures. Investors bet on copper price fall By Henry Sanderson (FT) only a month or so late! EMC (Copper),  years round up EMC Copper,  China data yet again (EMC) Copper, EMC Copper the indicator and CU any surprises (EMC)

With drinks tomorrow night do not expect too much!

Atb Fraser