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Wednesday, 20 May 2020

North American crude oil prices are closely, but not perfectly, connected (5/20/2020)

The decline on April 20, 2020 in the price of the front-month New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) futures contract was the largest and swiftest on record. Front-month WTI prices dropped as low as -$40.32 per barrel (b) on April 20 during intraday trading before closing at -$37.63/b. Prices have since recovered, with NYMEX front-month WTI prices closing at $31.82/b on May 18. The April 20 NYMEX WTI market event proved short-lived, but the incident is still useful for highlighting the interconnectedness of the wider North American crude oil market. In addition to the NYMEX WTI futures contract, several important North American crude oil spot price markers also fell below zero on April 20, including WTI Midland, Mars, West Texas Sour (WTS), and Bakken Clearbrook. Although these markers correspond to different types of crude oils and trade at different places around the continent, the integration of North American crude oil transportation infrastructure and the use of NYMEX WTI in formulas used to calculate some other prices all but ensured that the highly local shock to NYMEX WTI on April 20 was quickly felt throughout the North American market. ... 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.