Double-Yikes!Unless I'm very much mistaken, that's potentially a...

Double-Yikes!

Unless I'm very much mistaken, that's potentially a ~AU$130m market-to-market cash margin call!

Calcs for review because I don't quite trust my workings, even after double-checking (it's been at least a decade since my last futures trade):
4,500t hedged
x, say, US$21,200, being the adverse movement from US$21,000 short entry to Monday's US$42,200 mark-to-market closing against the 3-month contract. (Might be more technically accurate to measure it against Monday's cash settlement price of US$42,955, but I don't want to get too bogged down.)
= US$95,400,000 mark-to-market adverse movement
/, say, 0.733 Fx
= AU$130m mark-to-market margin call!

Does that accord with you?

Cheers.

PS. Loz re- #whereisbigshot. Very witty.

PPS. Btw, check out WD's FB page. They updated their 2 x recent 'kudos' drilling posts relating to BS. Now showing the same crew for a single rig...