CME Group to Launch Hot-Rolled Coil Steel Futures Contract

CME Group, the world’s largest and most diverse derivatives exchange, announced that it will launch US Midwest Domestic Hot-Rolled Coil (HRC) steel futures contracts for trading and clearing on CME Globex® and ClearPort®, beginning on October 19 for the October 20 trade date. The contract will be financially settled against an index developed by CRU International and reflects an assessment... 

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Boart Longyear Acquires Eklund Drilling Company, Inc.

Boart Longyear Limited announced that it has acquired Eklund Drilling Company Inc., a U.S.-based company with headquarters in Elko, Nev., specializing in reverse circulation (RC) drilling. Terms of the acquisition were not disclosed. Eklund is expected to add approximately USD $50 million in annual revenues. The acquisition will expand the company’s position in global RC drilling services and will... 

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Washington and National Oil Marketers Associations Decry Energy Speculators Pushing Oil Prices Up 5.4 Percent in a Day to $121.18 a Barrel

“Today’s 5.4 percent crude oil price increase to $121.18 a barrel despite decreased demand and increased supply is a clear sign that speculators continue to dominate the commodities markets hurting our national economy,” said Lea Wilson, executive director of the Washington Oil Marketers Association (WOMA). “There is absolutely no economic reason for prices to increase the way they did today,”... 

NYMEX to Launch Domestic Hot Rolled Coil Steel Futures Contract

The New York Mercantile Exchange, Inc., a subsidiary of NYMEX Holdings, Inc., announced that it plans to introduce a futures contract based on prevailing market prices for hot-rolled steel coil in the U.S. Midwest region (U.S. Midwest domestic hot-rolled coil steel) early in the fourth quarter of 2008. The contract will be financially settled against an index developed by CRU Indices Ltd., a subsidiary... 

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Oil Price recorded biggest drop in a period of 17 years

Ben Bernake, Federal Reserve Chairman, stated that the U.S. economy is facing “significant” risks to growth, while the Organization of Petroleum Exporting Countries lowered its forecast for world oil-demand growth for 2008 and 2009. in apart chances John Kilduff, an analyst at futures brokerage MF Global, said “Signs of economic contraction and financial-market malaise are becoming... 

Oil price falls $6.44

After the Federal Reserve chairman sounded bleak notes on the U.S. economy, and world supplies loosened a bit, Crude-oil futures sank more than $6 a barrel Tuesday. After the U.S. opened its Strategic Petroleum Reserve at the onset of the first Gulf War.Light, sweet crude for August delivery settled down $6.44, or 4.4%, at $138.74 a barrel on the New York Mercantile Exchange, falling farthest in dollars... 

EnerCom, Inc. Announces Presenting Companies for The Oil & Gas Conference(R) August 10-14, 2008

EnerCom, Inc., announced today the lineup and schedule for The Oil & Gas Conference®, http://www.theoilandgasconference.com. In its 13th year, the Conference, held in Denver Aug. 10-14, is the oldest and largest energy investment conference hosted in Denver, showcasing more than 70 companies with a combined enterprise value of more than $500 billion. This premier forum offers institutional investors,... 

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Oil Contracts Virtually Unchanged

Oil prices finished about where they began, after jumping more than $2 earlier on reports of lower U.S. oil stockpiles and an Iranian missile test. Light, sweet crude for August delivery rose a penny to settle at $136.05 a barrel on the New York Mercantile Exchange, but prices shifted between positive and negative territory as traders parsed details of the weekly inventories report following its midmorning... 

Crude Settles Over $145 Ahead of Holiday

Oil prices jumped past $145 a barrel for the first time, as traders added to their bets on the commodity ahead of the long holiday weekend. There was little good news for Americans hitting the road for the July Fourth holiday, as gas prices set their own record near $4.10 a gallon. Light, sweet crude for August delivery surged $1.72 to settle at a record $145.29 on the New York Mercantile Exchange.... 

Crude Falls Back from New Record

Oil prices surged past $143 a barrel for the first time and then fell back as a rising dollar prompted some investors to sell. Crude gave back its gains after the Chicago Purchasing Managers’ Index of Midwest Manufacturing beat estimates and the dollar strengthened against the euro. Light, sweet crude for August delivery fell 21 cents to settle at $140 a barrel on the New York Mercantile Exchange....