The New York Mercantile Exchange said on Tuesday it will increase margins for its crude oil and related futures contracts, beginning at the close of business on Wednesday.
Margins for the crude oil, crude oil calendar swap, and crude oil financial futures contracts will go up to $7,250 from $6,500 for clearing members, to $7,975 from $7,150 for members and to $9,788 from $8,775 for customers, NYMEX said in a release.
Margins for the NYMEX miNY crude oil futures contract will rise to $3,625 from $3,250 for clearing members, to $3,988 from $3,575 for members and to $4,894 from $4,388 for customers. Margins for the NYMEX MACI index futures contract will increase to $1,450 from $1,300 for clearing members, to $1,595 from $1,430 for members and to $1,958 from $1,755 for customers.
link
Friday, May 30, 2008
Wednesday, May 28, 2008
EIA Preview: Crude +1.6 to +1.8m Gas -1.7 to -2.0m Dist +1.8 to +2.1m
Houston, TX - In our weekly survey of traders and analysts the consensus points to an increase in crude oil and distillate fuel stocks while gasoline stocks are expected to come in lower as demand is projected higher due to the Memorial Day holiday weekend. Refinery operations are expected to come in at 88.7% of capacity versus the previous week's 87.9%. The Energy Information Administration will release its data for the week ending May 23 on Thursday May 29 at 10:30 AM EDT.
Crude oil stocks are expected to increase by 1.6 to 1.8 million barrels as imports are projected higher by 950,000 bpd than the previous week's 9.2 million bpd level. Gasoline stocks are expected lower by 1.7 to 2.0 million barrels with implied demand expected to come in higher by about 250,000 bpd from the previous week's estimate of 9.36 million bpd. Imports are projected to be lower by about 200,000 bpd from the previous week's nearly 1.1 million bpd level. Production is expected to come within 60,000 bpd of the previous week's 9.03 million bpd level.
Distillate stocks are projected to reveal a 1.8 to 2.1 million barrel increase with implied demand down about 50,000 bpd from the previous week's nearly 4.19 million bpd level. Imports of heating oil type stocks are expected to come in about 70,000 bpd above the previous week's 198,000 bpd level while production should come in near the 4.33 million bpd level reported the previous week.
Crude oil stocks are expected to increase by 1.6 to 1.8 million barrels as imports are projected higher by 950,000 bpd than the previous week's 9.2 million bpd level. Gasoline stocks are expected lower by 1.7 to 2.0 million barrels with implied demand expected to come in higher by about 250,000 bpd from the previous week's estimate of 9.36 million bpd. Imports are projected to be lower by about 200,000 bpd from the previous week's nearly 1.1 million bpd level. Production is expected to come within 60,000 bpd of the previous week's 9.03 million bpd level.
Distillate stocks are projected to reveal a 1.8 to 2.1 million barrel increase with implied demand down about 50,000 bpd from the previous week's nearly 4.19 million bpd level. Imports of heating oil type stocks are expected to come in about 70,000 bpd above the previous week's 198,000 bpd level while production should come in near the 4.33 million bpd level reported the previous week.
Oil Companies Spending More Than Ever to Retrieve Oil
Exxon and other companies are spending more money than ever to retrieve the oil that is left in the ground. This would seem to coincide with the peak oil theory that other posts have mentioned.
Full Bloomberg article here.
Full Bloomberg article here.
Tuesday, May 27, 2008
US senator urges CFTC to 'dig deeper' into role of speculators
US Senator Jeff Bingaman, the New Mexico Democrat who is chairman of the
Senate Committee on Energy and Natural Resources, urged the US Commodity
Futures Trading Commission Tuesday to "dig deeper" into the role of
speculators, which lawmakers contend have pushed energy and agricultural
futures prices to record highs this year.
Full text link
Hong Kong Extends Trading Hours
Hong Kong Exchange plans to extend trading hours. Also a new gold cash settled contract will be trading in the latter half of the year on the exchange
Link
Link
Oil Prices and Export Land Model - Metoric Price Rise?
An analysis that determines that once a country hits "peak" oil production, it takes about 6 years for that country to become a net importer rather than exporter. The most serious near-term threat seems to be Mexico (14% of US imports come from Mexico). This model predicts Mexico will be a net importer by 2014.
If this model holds, oil prices could see an exponential rise. From the article:
"From this point out I think we'll see a geometric progression in prices ... you know, $50, $100, $200, $400, whatever. The only question now is how short the periods will be between prices doubling again."
Read the whole article for more information.
If this model holds, oil prices could see an exponential rise. From the article:
"From this point out I think we'll see a geometric progression in prices ... you know, $50, $100, $200, $400, whatever. The only question now is how short the periods will be between prices doubling again."
Read the whole article for more information.
RSS feeds
Here is a post I found regarding an RSS feed for economic numbers and news (the feedforall is a Mac app, but I'm sure similar Windows apps exist):
I use the ones at FXStreet. They have a bunch of feeds there that include an economic calendar.
http://www.fxstreet.com/syndicate/rss/
I also use Klipfolio for my desktop application for the feed.
http://www.klipfolio.com/
For creating your own.
http://www.feedforall.com/
I use the ones at FXStreet. They have a bunch of feeds there that include an economic calendar.
http://www.fxstreet.com/syndicate/rss/
I also use Klipfolio for my desktop application for the feed.
http://www.klipfolio.com/
For creating your own.
http://www.feedforall.com/
Friday, May 23, 2008
Wednesday, May 21, 2008
An Oracle of Oil Predicts $200-a-Barrel Crude
An analyst who heard scoffing when he predicted $100-a-barrel oil now expects the price to reach $200.
From The New York Times
From The New York Times
Thursday, May 15, 2008
Fed's Balance Sheet
From Calculated Risk:
Yellen noted the many ways the Fed has worked to improve market liquidity:
-Enhanced discount window lending
Reduced rate spread and lengthened term of lending
-Established Term Auction Facility (TAF)
Term discount window loans at auction rate; $150 billion
-Initiated term repurchase (repo) transactions
Agency debt accepted as collateral for 28-day repos; $100 billion
-Established Term Securities Lending Facility (TSLF)
Lends Treasuries for highly rated ABS; up to $200 billion
-Provided financing for acquisition of Bear Stearns
Term financing to support purchase by JP Morgan; $29 billion
-Established Primary Dealer Credit Facility (PDCF)
Overnight borrowing from discount window by primary dealers
Speech to the Certified Financial Analysts Institute, Annual Conference
Credit, Housing, Commodities and the Economy
Yellen noted the many ways the Fed has worked to improve market liquidity:
-Enhanced discount window lending
Reduced rate spread and lengthened term of lending
-Established Term Auction Facility (TAF)
Term discount window loans at auction rate; $150 billion
-Initiated term repurchase (repo) transactions
Agency debt accepted as collateral for 28-day repos; $100 billion
-Established Term Securities Lending Facility (TSLF)
Lends Treasuries for highly rated ABS; up to $200 billion
-Provided financing for acquisition of Bear Stearns
Term financing to support purchase by JP Morgan; $29 billion
-Established Primary Dealer Credit Facility (PDCF)
Overnight borrowing from discount window by primary dealers
Speech to the Certified Financial Analysts Institute, Annual Conference
Credit, Housing, Commodities and the Economy
Wednesday, May 14, 2008
Oil Chart
Thought this chart was inciteful concerning inventories and oil price from different aspects.
Imaginery Inflaton?
Read from another blog:
The BLS reported that prices rose modestly in April, below consensus expectations.
The usually Bullish Michael T. Darda of MKM Partners was rather skeptical of the data:
From the CPI report, “In April, the index for petroleum-based energy fell 1.6%, offsetting a 2.5% increase in the index for energy services. The transportation index declined 0.7% in April, reflecting a 2.0% decrease in the index for gasoline.” And to top it off, the index of commodity prices rose just 0.1%.
From the CPI report, “In April, the index for petroleum-based energy fell 1.6%, offsetting a 2.5% increase in the index for energy services. The transportation index declined 0.7% in April, reflecting a 2.0% decrease in the index for gasoline.” And to top it off, the index of commodity prices rose just 0.1%.
Huh? Gasoline prices rose by about 10% in April. Virtually every index of commodity prices is near all-time highs (and up about 30% since the beginning of the year). I’m not sure what the BLS is smoking here, but it must be pretty strong stuff.
Fertilzer Crisis
Worldwide pressures on chemical fertilizer supplies have some Iowa farmers falling back on manure for soil nutrients
Tuesday, May 13, 2008
First Post
First Post!
Nobel Lauretes Becker-Prosner on Oil Demand/Supply
http://www.becker-posner-blog.com/archives/2008/05/the_rise_in_the.html
Nobel Lauretes Becker-Prosner on Oil Demand/Supply
http://www.becker-posner-blog.com/archives/2008/05/the_rise_in_the.html
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