Word: oiled
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...fact, much of Hall's ability to produce outsized profits for Citi comes from the creative ways he had found to make money off the oil markets, doing things that would either be impossible for the average small trader or that most traders just won't think of. Earlier this year, for instance, Hall and his traders rented a tanker and filled it with 1 million barrels of oil. Oil prices were down, but most traders thought they were going up again, so futures contracts pegged to distant-month deliveries were expensive. The better deal was the real thing...
...could trade oil...
Hall's success in calling the oil market is what has led him to demand higher pay than most. In 2003, Hall had the belief that the price of oil would rise dramatically in the next few years. Back then, oil was trading at around $30 a barrel, and coming out of a recession few thought prices would rise anytime soon. So Hall bought so-called long-dated oil-futures contracts that would pay off if the price of oil topped $100 at some point in the next five years. Because Hall made a bet oil would reach a price...
...China and Russia also still disagree on how to finance those unbuilt pipelines, which are likely to cost billions of dollars. (As a measure of how expensive these projects are, the BTC oil pipeline linking Azerbaijan's capital, Baku, through Tbilisi, Georgia, to Turkey's Caspian port of Ceyhan cost $4 billion to build in the early 2000s.) "Gazprom has been looking to get into the Chinese market for a considerable time, but the problem has always been over agreeing on the price," says Julian Lee, a senior energy analyst for the Center for Global Energy Studies in London. "There...
...China is considering all options as it scours the globe for gas and oil deals. Having watched commodity prices rise wildly before last year's downturn, Beijing is scurrying to lock in supplies now, while prices are stable. That search has a significant effect on how China interacts with the world. "Energy is a big issue for Chinese diplomacy," says Han Hua, an associate professor at Peking University's School of International Studies. "We have to diversify and get energy not just from the Middle East but from Russia. After decades of discussion, this agreement is really important for China...