Word: months
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...market traded on NYMEX. Combine that position with its over-the-counter swap holdings, and UNG held the equivalent of more than 50% of the October contract's open interest. In following its plan to buy and hold natural gas, UNG keeps rolling its position into the next futures month. In other words, every month, UNG sells its enormous long position in the front month - representing the price of natural gas closest to the present - and buys back as much as it can in the next contract month. The idea is that UNG is always trading the most liquid natural...
...equivalent position in the October futures contract amounts to over a trillion cu. ft. of gas. Given that the U.S. consumes an average of about 2 trillion cu. ft. of gas per month, UNG's position in the front month - at over half of that month's consumption - seems too large for a purely speculative fund...
...care money (and a good insurance policy) can buy," he wrote in Newsweek - and called for the day when all Americans could expect the same. But as a matter of public policy, as opposed to private choice, was the cost and ordeal of Kennedy's treatment worth the extra month of life he won beyond the 14-month average survival time for patients with his diagnosis? And who do we want making that judgment...
...Administration of George W. Bush immediately complained about the measure and then President Vicente Fox refused to sign it into law. In contrast, officials of the Obama Administration have been decidedly guarded in commenting on the new legislation. When asked about it in his visit to Mexico last month, drug czar Gil Kerlikowske said he would "wait and see." Many view such a change as evidence that Washington is finally reconsidering its confrontational war on drugs, four decades after Richard Nixon declared it. "There is a growing opinion that the use of force has simply failed to destroy the drug...
...Were even imperfect movement made on the settlement issue, it would probably be enough to clear the way for Netanyahu to meet with Palestinian President Mahmoud Abbas in the margins of next month's United Nations General Assembly. That resumption of direct contacts would be a major boost for Obama's stated foreign policy priority of laying the foundation of lasting peace in the Middle East. And it would also reverse the dramatically deteriorating Israeli-Palestinian relations that helped lift hard-line, mutually hostile governments to power on both sides of the divide. (See pictures of heartbreak in the Middle...