The NYMEX WTI Crude Oil contract forecast remains bearish, as crude oil remains firmly within its downward trend channel through recent trade. Though a bounce off of the bottom of said trend channel could lead to very short-term strength, the medium term trend in oil prices remains firmly to the downside. Our long-term forecast chart shows that more meaningful support comes in near the 50.00 mark&
Chicago Mercantile Exchange expects to close buyout deal with the New York Mercantile Exchange by the end of next week. The cash and stock buyout was originally valued at $9.4 billion when it was previously announced earlier this year. CME Group has agreed to pay $3.4 billion in cash and about $6 billion in stock for Nymex.
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The Cabinet of the top oil exporter Saudi Arabia said on Monday it would call for a meeting between producing and consuming nations to discuss prices. The Saudi cabinet added there were no fundamental reasons for the oil price surge, adding that markets were well supplied. Iran's OPEC governor, Mohammad Ali Khatibi, said on Monday there was no reason for the Organization of Petroleum Exporting
Scrap Metal Prices and Auctions now posts FREE NYMEX metal prices for gold, platnium, palladium, silver as well as natural gas. Prices are posted on the page www.scrapmetalpricesandauctions.com/nymex
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Chicago Mercantile Exchange reported Monday that it has offered to buy the New York Mercantile Exchange for $9.4 billion. The deal combine the two largest future exchanges in the United States.
It's official. The CME Group Inc. (NYSE, Nasdaq: CME) is acquiring NYMEX Holdings, Inc. (NYSE: NMX). The commodities and futures exchanges announced a...
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Chicago Mercantile Exchange is continuing plans to buyout Nymex Holdings despite anti-trust concerns from the Department of Justice. The two companies are expected to an announce an update on the acquisition as early as next week. The Department of Justice issued a warning about questing if the combined company would block competition.
New York commodities futures and options giant NYMEX Holdings Inc. has penned a deal to buy 15.1% of Norwegian financial derivatives exchange IMAREX from Frontline Ltd. for $52 million. The...
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New York commodities futures and options giant NYMEX Holdings Inc. has penned a deal to buy 15.1% of Norwegian financial derivatives exchange IMAREX from Frontline Ltd. for $52 million. The Oslo-based IMAREX operates electronic trading, brokerage and settlement services for financial derivatives based on oceangoing freight, airborne emissions and heavy fuel oil. “The IMAREX shipping derivatives trading and clearing business is a powerful platform for NYMEX to expand and develop new products for the European and global energy markets,” Group chairman Richard Schaeffer said in a statement. IMAREX is the world's only regulated market for trading of freight derivatives, and customers include the world's leading banks, oil majors, power generators, ship owners, charterers, commodity trading houses and hedge funds.Via: ScandOiLTags: fotolog|fotolog|www.BajaeNergyBLOG.com|
The New York Mercantile Exchange, the world's largest energy market, is quietly fielding offers for its lower Manhattan headquarters ahead of a deal to sell itself to a rival exchange, multiple...
With the recent buyout activity between the Chicago Merc. (CME) and the Intercontinental Exchange (ICE) for the Chicago Board of Trade (CBOT), the NYMEX (NMX) looks poised to benefit from the focus on exchanges. The NYMEX is one of the most interesting exchanges to buy stock in with its incredible exposure to the concentration of oil commodities. NYMEX has also been moving to make the trading experience more online based, rather than floor trading. Ultimately, any exchange that wants to achieve a global trading prowess will need a good commodity exchange play. NYSE (NYX) and ICE are just two plays that could be potential buyers of the exchange.
Disclosure: No Conflicts.
The once dusty exchange has now been revolutionized as the center for many commodities. One in particular continues to be on the forefront of all business, Lt. Sweet Crude. The NYMEX (NMX) is one of the most powerful exchanges in the United States, with an impressive growth rate, which follows the rest of the industry. The NYMEX just had an optimistic article written in Trader Monthly and also had a major pullback off of this most recent 52 week high. Look for $5 downside and $10 upside in the short-term.
Disclosure: No conflicts.
Dubai Mercantile Exchange Ltd., the Gulf sheikhdom's venture with Nymex Holdings Inc., started crude oil futures trading today, competing with Intercontinental Exchange Inc. in setting prices for Asian importers and traders. The DME's Oman crude oil futures for August delivery was at $64.17 a barrel at 4:17 p.m. Singapore time, down from the opening trade of $64.70. The
Dubai Mercantile Exchange Ltd., the Gulf sheikhdom's venture with Nymex Holdings Inc., started crude oil futures trading today, competing with Intercontinental Exchange Inc. in setting prices for Asian importers and traders. The DME's Oman crude oil futures for August delivery was at $64.17 a barrel at 4:17 p.m. Singapore time, down from the opening trade of $64.70. The September contract was at $64.75. The DME is competing with ICE's Dubai contract as a marker for as much as 12 million barrels a day of high-sulfur, or sour, crude oil exports to Asia. Atlanta-based ICE beat the DME to the punch by starting trading on May 21. The two groups are offering alternatives to global benchmark prices tied to low-sulfur grades West Texas Intermediate, traded on Nymex, and Brent, that changes hands on the ICE Futures exchange in London. ``It's quite good for the physical traders and I hope it will be successful,'' said Tetsu Emori, chief
NYMEX, the New York Mercantile Exchange, has filed what may be its last amended S-1 filing ahead of its IPO. It is selling 6 million shares at what they have listed as a $52.00 proposed maximum offering price. It lists 4.89 million shares as being sold by the exchange, and shareholders are selling 1.11 million shares. There are also an additional 900,000 shares set for the over-allotment.
NYMEX will trade under the ticker "NMX" on the NYSE. J.P.Morgan and Merrill Lynch are listed as the lead underwriters; co-managers are listed as Banc of America, Citigroup, Lehman, and Sandler O'Neill.
We first covered the original filing back on July 17, 2006 and just on October 18 noted that the CME/CBOT merger was probably the catalyst for the NYMEX hurrying its IPO.
Jon C. OggOctober 31, 2006
