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Wednesday, 20 December 2017

U.S. oil companies hedged at least 1.2 million barrels per day of 2018 production (12/20/2017)

Financial statements from the third quarter of 2017 for 47 U.S. oil production companies indicate that they hedged more than 1.2 million barrels per day (b/d) of crude oil at a weighted average price of $49.63 per barrel (b), locking in some of their revenues at a fixed price even if oil prices decline lower than $50/b. Since the end of the third quarter, weekly data from the U.S. Commodity Futures Trading Commission (CFTC) through December 12, 2017, suggest that producers likely increased their hedged volumes during the fourth quarter of 2017. West Texas Intermediate (WTI) crude oil prices reached their highest levels in more than two years in November and December, allowing many producers to hedge their future production at more than $50/b. ... More »

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The Stages Of A Scam

1. Foundation Work: This is the preparations which are made before the scam is put in motion, including the elaboration of the plan, the employment of assistants and so forth.

2. Approach: Is the manner of getting in touch with the scammers victim — often most elaborately and carefully prepared.

3. Build Up: Rousing and sustaining the interest of the victim, rousing his emotions, showing him the chance of profit and filling him so full of anticipation and cupidity that his judgment is warped and his caution thrown away.

4. Pay-off or Convincer: An actual or apparent paying of money by the conspirators to convince the victim and settle doubts by a cash demonstration.

5. The Hurrah: This is like the dénouement in a play and no scam or con scheme is complete without it. It is a sudden crisis or unexpected development by which the victim is pushed over the last doubt or obstacle and forced to act. Once the hurrah is sprung the victim is clay in the scammer's hands or there is no game.

6. The In-and-In: This is the point in a scam act where the conspirator may put some of his money into the deal with that of the victim; first, to remove the last doubt that may tarry in the gull's mind.