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...Exchange (NYMEX), oil settled with over a $22 spread between the February 2009 and February 2010 contracts. In other words, if a company bought oil on the February 2009 contract, stored it for a year and sold it on the February 2010 contract, it would make more than $22 per barrel, excluding the costs of the operation. This represents a greater than 60% gross return! Since interest, storage and delivery costs should amount to significantly less than the $22 spread, the venture would yield a virtually riskless profit, or arbitrage. When the February contract ended trading in late January...

Author: /time Magazine | Title: How Citigroup Makes Hay in the Oil Market | 2/2/2009 | See Source »

Since then, future oil prices have come closer together, averaging just over a dollar between contract months over the next year, or slightly more than the $1.02 per barrel per month price tag that Morgan Stanley had reportedly been negotiating in mid-January. The apparent correction is unlikely to have been caused directly by an institution like Morgan Stanley, but instead by a perception among traders that the average $1.25 spread between monthly contracts is reasonable. Of course, leasing a tanker is an extreme measure of storage, and the cost of storing at a more traditional location is much lower...

Author: /time Magazine | Title: How Citigroup Makes Hay in the Oil Market | 2/2/2009 | See Source »

...been calibrated correctly. Of the defective scales, 28 belonged to American Airlines, which charges some of the steepest bag fees in the industry: $15 to check the first bag, $25 for the second and $100 for the third; to check overweight (over 50 lb.) bags costs $50 to $100 per piece...

Author: /time Magazine | Title: Sky-High Fees for Overweight Bags | 2/2/2009 | See Source »

...factories, and "due to significant yen appreciation, those exports are not profitable anymore," says Tatsuya Mizuno, an analyst at FitchRatings. It will take Toyota time to adjust its fixed costs, since it has spent the past several years investing aggressively to increase production capacity by about 500,000 vehicles per year in the U.S. "It's increasingly clear that the driving force [behind Toyota's recent growth] was really excess consumption in the U.S.," says Izumi of JPMorgan Securities, "and that's now unwinding...

Author: /time Magazine | Title: Sony's Woes: Japan's Iconic Brands Strained | 2/2/2009 | See Source »

...Although he leads the team in assists, his 7.4 points per game average is nothing to write home about. But the team followed his lead on Friday night, and he delivered, getting inside and getting to the line frequently to frustrate the Crimson defense...

Author: By Walter E. Howell, CRIMSON STAFF WRITER | Title: NOTEBOOK: Penn Maintains Upper Hand in Friday’s Well-Matched Duel | 2/1/2009 | See Source »

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