The 51-mile long Panama Canal completed in 1914 connects the Caribbean Sea to the Pacific Ocean. By passing through the Canal ships reduce voyage distances by thousands of miles and journey times by 10 days or more. The Canal is currently constrained by the dimensions of its lock system that limit the size of vessel that can pass through. An expansion project started in 2006 and set to complete in early 2015 will increase the dimensions so that larger ships can use the canal. Today we assess the consequences for tanker movements.
NYMEX natural gas closed up again today at $2.767. Its now 26 percent higher than it was two weeks ago. Will recovering prices be reflected in higher sales this quarter? Today in “Uptown Top Ranking” we look at 1Q2012 NGI natural gas marketer rankings to see who is riding high in the charts so far this year and what the rankings mean to the market.
Just after 2pm eastern time on Monday, the CME/NYMEX (GLOBEX) markets for U.S. crude, gasoline and heating oil futures shut down. Data feeds to trading terminals ceased. The timing was bad. It was a half-hour before the close. Brokers that have been jacked into their terminals for six years (since the launch of “parallel electronic trading”) rushed to the usually comatose oil-futures pit to execute orders that couldn't be completed electronically. Humans traded with humans. (“It’s Alive!”) Thinking about how this must have played out, I just can’t get the final scene of Surrogates, the 2009 Bruce Willis movie out of my head. All those traders in their pajamas walking dazed into the pit.