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Saturday, 12 December 2015
Oil Traders Aren't Dancing the Crude Contango This Time Around - Bloomberg Business
Oil Traders Aren't Dancing the Crude Contango This Time Around - Bloomberg Business:
"Back when the global recession trashed oil demand and prices, the likes of BP Plc and Vitol Group found a novel way to profit: They stashed crude on tankers. With a slump of similar magnitude now, traders are seldom finding the same opportunities.
Here’s why. What defined both periods is something the industry calls contango, meaning oil for next month is cheaper than, say, for April. There were moments in the depths of the 2008-09 recession when a standard 2 million barrel cargo might fetch $14 million more for later delivery than it did in the spot market. That made for an easy trade: Find a ship for less than that. The same economics have seldom worked this year."
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"Back when the global recession trashed oil demand and prices, the likes of BP Plc and Vitol Group found a novel way to profit: They stashed crude on tankers. With a slump of similar magnitude now, traders are seldom finding the same opportunities.
Here’s why. What defined both periods is something the industry calls contango, meaning oil for next month is cheaper than, say, for April. There were moments in the depths of the 2008-09 recession when a standard 2 million barrel cargo might fetch $14 million more for later delivery than it did in the spot market. That made for an easy trade: Find a ship for less than that. The same economics have seldom worked this year."
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Egypt Said to Plan Talks With Gulf Arab Allies for More Aid - Bloomberg Business
Egypt Said to Plan Talks With Gulf Arab Allies for More Aid - Bloomberg Business:
"Egyptian authorities plan to hold talks with Saudi Arabia, Kuwait and the United Arab Emirates to secure more aid and investments, a government official said, as the country seeks to ease a dollar crunch threatening to derail its nascent economic recovery.
The planned talks will focus on “areas of cooperation” including investments, development aid and possible foreign-exchange deposits at the central bank, as well the supply of oil and non-oil products, according to the official, who asked not to be named to discuss the plan. The official didn’t say when the talks will start or how much Egypt aims to secure.
The three Gulf Arab monarchies have provided tens of billions of dollars to support the Egyptian economy since the 2013 army-led ouster of Islamist President Mohamed Mursi after mass protests against his one-year rule. Fresh funds would provide crucial dollars needed for businesses to import capital goods and raw materials, and help authorities avoid an uncontrolled currency devaluation."
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"Egyptian authorities plan to hold talks with Saudi Arabia, Kuwait and the United Arab Emirates to secure more aid and investments, a government official said, as the country seeks to ease a dollar crunch threatening to derail its nascent economic recovery.
The planned talks will focus on “areas of cooperation” including investments, development aid and possible foreign-exchange deposits at the central bank, as well the supply of oil and non-oil products, according to the official, who asked not to be named to discuss the plan. The official didn’t say when the talks will start or how much Egypt aims to secure.
The three Gulf Arab monarchies have provided tens of billions of dollars to support the Egyptian economy since the 2013 army-led ouster of Islamist President Mohamed Mursi after mass protests against his one-year rule. Fresh funds would provide crucial dollars needed for businesses to import capital goods and raw materials, and help authorities avoid an uncontrolled currency devaluation."
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