Word: market
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Dates: during 1970-1979
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Unlike a stock exchange, the spot market has no big board, no floor, and at present, no ceiling-on prices anyway. It is often called the Rotterdam market because most of the world's spot oil moves through that Dutch port city. But the spot market exists anywhere that a trader with a shipload of oil available for immediate sale can connect with a big-ticket buyer. Transactions can be and have been made in London, Houston, Hong Kong and Eleventh Avenue diners in Manhattan...
When supplies fall short of demand, even by a small amount, the number of deals is multiplied and the spot price spurts to whatever the market will bear. The official OPEC price, under which most oil is traded on short-term contracts, is now $13.34 per bbl. But last week some desperate, we'll-pay-anything customers took spot shipments of oil at $28 per bbl. Meanwhile, a number of sellers have been asking, but not necessarily receiving, as much...
...addition to the individual marketeers, several dozen oil companies trade in the spot market. They are not the well-known and much-criticized oil majors but smaller outfits like Monte Carlo's Essex Oil and Rotterdam's Nedol, Vanol, Petrosun and Northeast Allied. There are also specialized commodity trading firms like Marc Rich & Co. Such firms like to keep their dealings-and those of their clients-top secret. At Rich's Park Avenue offices in Manhattan, backroom telephone trading operations are conducted behind locked doors that are electronically controlled by a receptionist at the front desk. Queries...
...Lieb's published remark about Lutèce's frozen turbot, that accusation stirred temblors in Manhattan stockpots. Lutece's Chef Andre Soltner indignantly produced fish market receipts to show one and all that his turbot was fresh. Lieb apologized, and the usually meticulous New Yorker, accused of publishing a canard, explained that to preserve Otto's anonymity, it had taken the exceptional step of allowing the author of the piece to do most of the checking...
...largest shutdown. Four of its five domestic auto plants and one that makes trucks and vans will close for at least a week, idling about 20,000 workers. Says Iacocca of the switches amid shutdowns: "We have to get profitable, we have to carve out a niche in the market. And that's what this is all about...