Word: rotterdamers
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...least, the $5 subsidy is destined to set off a whole new surge in the price of the fuel, which in some parts of the U.S. has jumped by more than 30% since last autumn. When news of the subsidy reached Rotterdam, dealers marked up their quoted prices $5 to $6 per bbl. A $60-million shipment of heating oil from the Caribbean to Rotterdam actually jumped $10 million in value during the week as nervous traders on both sides of the Atlantic bid against each other to acquire the precious cargo before the ship reached port...
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...
...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...
...musical chairs is under way. Right now that game has never been livelier. Antal Dorati has taken over in Detroit, leaving Washington, D.C.'s National Symphony to Mstislav Rostropovich. St. Louis has plucked young American Leonard Slatkin from New Orleans. San Francisco selected Edo de Waart from Rotterdam, after Seiji Ozawa relinquished that post to concentrate on his other job in Boston. Minnesota has grabbed two top Europeans: Britain's Neville Marriner as music director and Germany's Klaus Tennstedt as principal guest conductor. Los Angeles is easily the high roller in the game. It has captured...
...Waart, 37. Following Ozawa in San Francisco has not been easy for De Waart. Ozawa is a spellbinder and a colorist. De Waart, who will continue with the Rotterdam Philharmonic another year, is a solid, serious musician. He programs lots of the classics, Mozart and Haydn, but also likes such modernists as Berg and Bartok. "None of the young conductors has a wide repertory, but De Waart is anxious to learn and that separates him from the rest," says Milton Salkind, president of the San Francisco Conservatory of Music. De Waart is not worried: "Herbert von Karajan once said...