| NYMEX to Launch 11 New Balance of Month Petroleum Products Swap ...
NEW YORK, Nov. 20 /PRNewswire-FirstCall/ -- The New York Mercantile Exchange, Inc. today announced that it will introduce 11 new balance of month (BALMO) petroleum products swap futures contacts on NYMEX ClearPort clearing and trading, beginning on December 2 for trade date December 3. The new BALMO contracts will be cash-settled based on the balance of month average Platts price starting from the day of execution through the last trading day of the contract month. These contracts allow users to customize the balance of month period by selecting the start date of the BALMO averaging period. The first listed month will be the December 2007 contract, and the next contract month will be listed 10 business days before the start of the contract month. The new swap futures contracts and their commodity codes are: Singapore 180cst fuel oil BALMO (BS); Singapore 380cst fuel oil BALMO (BT); Singapore jet kerosene BALMO (BX); Singapore gasoil BALMO (VU); Singapore naphtha BALMO (KU); Dubai crude oil BALMO (BI); European 3.5% fuel oil (Northwest Europe) BALMO (KR); European 1% fuel oil (Northwest Europe) BALMO (KX); European naphtha BALMO (KZ); New York Harbor 1.0% fuel oil BALMO (VK); and Gulf Coast 3% fuel oil BALMO (VZ).
Immigration drive hijacked
This was open to abuse from the beginning. I don't agree with McConnnell's idea of send us more and more immigrants. Migrant workers who willl eventually return home are considerably different from being suddenly swamped with people who are not even of our continent and our economy and infrastructure which cannot support a booming population or mass exodus out of third-world countries in the long-term. Now McConnell and his type think they can get around the pension fiasco, by importing more and more people to pay into it, but really what looks like a solution in the short-term will be a much greater problem in the long-term. Many of these people will milk the benefit system and take from it rather than give anything. There are unemployed people native Scots living in Scotland, so why are they not being trained or utilised FIRST? Don't tell me it's because they are lazy or untrained, because I have been in that very position and couldn't get a job, despite holding a 1st class Honours! Nigeria is the home of scamming.
London robusta coffee hits 9-year high
London robusta coffee futures hit a nine-and-a-half-year high and cocoa reached a four-year peak on Friday on a wave of enthusiasm among investment funds for all sorts of commodities. Reallocation of investments for the New Year has already seen several basic resource prices, including gold and oil, hit record highs this month and soft commodities such as coffee and cocoa have been tipped as a good bet for the year ahead. "Funds are increasing their holding in both commodities at the moment. It is not an overnight thing, I think it has been building for some time," soft commodities trader Jeff Cooper of Ambrian Commodities said. .
Hillary's school for scandal
Who can blame Sen. Hillary Clinton's campaign for exploiting its delicious "Gotcha!" moment? When you can show reporters side-by-side videos of Sen. Barack Obama delivering, almost word-for-word, a speech passage originated in 2006 by his friend Deval Patrick, now governor of Massachusetts -- well, you'd be crazy not to call him on it, right?
As if to say to voters: We haven't had much luck insinuating that Obama should be sullied by his association with Tony Rezko, the indicted Chicago businessman. And we haven't had much luck dismissing Obama as just another black candidate whose appeal, like that of Rev. Jesse Jackson before him, is largely limited to African-Americans. So let's dirty him up as a phony. A speech thief.
Hence the snarky dig from senior Clinton adviser Howard Wolfson in Tuesday's Washington Post: "The point we're making overall is that Sen.
Oil nudges higher after $2 fall, eyes dollar
SINGAPORE: Oil rose marginally in thin trade on Friday after falling sharply a day ago on concerns about the US economy, the strengthening dollar and the market's failure to break above a key resistance level.
US light sweet crude futures for January delivery rose 36 cents to $92.61 a barrel after falling by $2.14 a day ago, halving gains from Wednesday when the market was buoyed by a US oil stock draw and a global central bank cash injection.
London Brent crude rose 41 cents to $92.53. Oil prices touched a two-week high of $94.85 a barrel on Wednesday and Thursday, which may have triggered the reversal.
"We have been feeling that there seems to be quite heavy resistance at $95 at the moment, we failed to break above it for two days, which is why people may have taken profits," said Tetsu Emori, a fund manager at Astmax Futures Co Ltd in Tokyo.
Aliquippa has a future in alternative fuels
Once the plant opens in Aliquippa, Cranston said, shipments of corn will come into the city, mostly from the Midwest, via barge, truck and train.But Aliquippa isn’t the only community in the Pittsburgh area getting a helping of green. Southwestern Pennsylvania is on the brink of becoming a powerhouse for alternative energy sources.In February 2006, Gov. Ed Rendell unveiled his Energy Independence Strategy, designed to increase the state’s investment in alternative and renewable energy production industries.A major component of that bill — the PennSecurity Fuels Initiative — supports the construction and expansion of new facilities and would require that all diesel or gasoline sold in the state have a percentage of ethanol or biodiesel by 2017. By that time, the governor also expects the state be in position to produce 1 billion gallons of alternative fuels.And Aliquippa would be a leader in that process.Cranston expects the local plant to produce around 160 million gallons annually of ethanol once construction is completed sometime in 2012.
Market Watch | An arbitrage opportunity, almost risk-free
There are two ways to participate in a retail-fuelled momentum market. The aggressive way is to buy stock futures in momentum stocks and hope the party lasts long enough. The conservative way is to milk the substantial arbitrage opportunities that arise out of the general appetite for stock futures. Something which a lot of institutional investors do actively. This is like the good old badla: in times of heightened speculative activity like this, badla rates would shoot up to 20-25 per cent. Virtually risk-free returns. Exactly what you can capture today by playing between the cash and futures market. The thing to monitor is how much premium the futures of any stock is trading at above the cash market price. If the premium is 1 per cent or more, it opens up a good arbitrage opportunity.
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