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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: ronayre who wrote (90826)	5/12/2001 1:11:57 PM
From: isopatch	Respond to of 95453

2Zron. One of my business friends is a pro who trades crude, NG and PMs on the NY Merc. Great guy who's been in the game over 18 years. Last year on the RIG thread there was discussion of other competition that's developing for the old "open outcry" exchanges where floor traders work the "rings". The most notable being web based trading that bypasses and threatens to usurp volume form the NYMEX and other exchanges with a core of locals working the floors. In energy Enron and others have made serious inroads into virtual trading in segments of the petroleum complex and, in time, it threatens to spread to other commodities as well. Welcome to our thread. We have a few unhappy campers who occassionially show up attempting to bait a few of the regulars like me and Slider. But don't let them discourage or dissuade you from continuing to make good on topic posts be they cut and past articles like the 2 good ones you just offered, personal analysis or even comments on your market style, stragegy and tactics. Those are all good ON TOPIC areas we enjoy discussing here. Best regards, Isopatch

To: ronayre who wrote (90826)	5/14/2001 8:37:12 PM
From: ronayre	Read Replies (1) \| Respond to of 95453

Japan oil companies to begin online trading By Reuters May 13, 2001, 9:05 p.m. PT TOKYO--A group of Japanese oil companies, trading houses and foreign companies will launch an Internet-based futures market to trade oil products starting as early as July, participating companies said Monday. A joint venture to run the new market, to be called J-Oil Exchange, will be set up in Singapore as early as June and will be valued at about $3.26 million (400 million yen), a Mitsubishi spokesman said. The exchange will provide risk-hedging opportunities for companies trading in oil products, and trading will initially be limited to member companies that have real demand for oil products, oil industry sources said. The Mitsubishi spokesman said the venture will aim for turnover of about $1.6 billion in the first year. Futures trading in kerosene and gasoline contracts have been available on the Tokyo Commodity Exchange (TOCOM) since July 1999, but much of the trading has been dominated by private investors, and liquidity has often been limited. Industry sources say trading on TOCOM is often shaped by speculation rather than real demand and supply for the respective oil product. The new exchange will handle trading of futures contracts with maturities of up to six months, with positions to be settled in cash rather than through the actual delivery of underlying products. Industry sources said the company will be based offshore to be free from Japanese regulations related to commodity exchanges. A total of 17 companies are expected to take part in the venture, sources said, although the full list could not immediately be confirmed. The spokesman at trading house Mitsubishi said that five other trading compaies, comprising Mitsui & Co, Sumitomo, Itochu, Marubeni and Nissho Iwai, will take part. Spokesmen at Showa Shell Sekiyu and Idemitsu Kosan also said they would participate, while Cosmo Oil said it was also planning to join the venture. The Mitsubishi spokesman said U.S. investment bank Morgan Stanley and South Korean oil company SK will also be members of the exchange. Oil industry sources said Japan Energy and Taiyo Oil will also take part, although this could not be immediately confirmed.