Word: marginal
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...future date, on the assumption that the price would fall and SemGroup could supply the barrels at a lower price and pocket the difference. Three days after oil peaked, as it still threatened new all-time highs, the New York Mercantile Exchange (NYMEX) called margin on SemGroup, forcing the firm to put up more cash collateral to back its losing positions. Unable to raise the capital, SemGroup sold its entire crude-oil futures position the very next day to Barclays investment bank. SemGroup posted a $2.4 billion loss in the process, forcing the company into bankruptcy...
Stock prices, too, began to tumble as talk of bailouts and rescue plans permeated the media. The price of oil began to fall, and speculators had to put up more money for margin, but their other investments were simultaneously declining. Thus, they were forced to close out their long positions and sell oil. As everything spun out of control, everyone wanted out: a full liquidation. Even diversified investors tend to hold long positions in commodities as inflation hedges. Losses in stocks forced these long speculators to liquidate their positions in all commodities...
...more aware of that need than Barack Obama, who carried Michigan by a huge margin. The President-elect is committed to helping the Detroit Three, and House Speaker Nancy Pelosi is leading a rescue party that plans to get a bailout bill in front of President Bush before Thanksgiving. So far, the President has offered only to speed through Congress an already approved $25 billion loan to help Detroit create new fuel-efficient models. But GM needs an additional $10 billion simply to pay its bills next year and $15 billion more to close plants, compensate redundant workers and dump...
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...Republican nominee underperformed in Florida not because his message was off but because Crist didn't support him enough. But the evidence doesn't point to that. After all, Crist refused to campaign for an anti-gay-marriage amendment to Florida's constitution, yet it passed by a wide margin last week. So was it really Crist's lack of enthusiasm for the McCain campaign that sank the Arizona Senator in Florida - or was it the fact that the peninsula's conservative Republican base spent so much time, money and effort on one of its pet issues that it ended...