After a brisk start to the equity calendar in the first quarter, the pace of equity issuance has slowed substantially and, at press time, looked like it was lurching lower. West Texas Intermediate closed down 5.4% at $50.28 per barrel, after trading in a narrow range for most of January through February. Observers cited various factors, including U.S. inventories continuing to climb in spite of OPEC cuts; near-record net long, non-commercial crude futures and options positions; and the Saudi oil minister's warnings that OPEC countries would not ‘underwrite the investments of others at our own expense.’
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