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Futures Trading

BUSINESS
September 3, 2004 | From Reuters and Bloomberg News
Orange juice, cotton and lumber futures prices jumped Thursday as speculators bought on fears that Hurricane Frances would do even more damage to Florida and the East Coast than the recent Hurricane Charley. The massive storm barreling toward southeastern Florida could deal the second of a one-two punch to the state's $9.1-billion citrus industry, the nation's largest, which only three weeks ago was ravaged by Hurricane Charley.
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BUSINESS
May 14, 2004 | From Reuters
U.S. prosecutors are investigating whether there were civil and criminal violations in cattle futures trading in the two weeks before the first U.S. case of mad cow disease was reported, a federal regulator said Thursday. Futures prices plunged 20% in the days after the Dec. 23 announcement. Some ranchers believe that there were unusual trades before the announcement. "That is something we are looking at. We are cooperating with the U.S.
BUSINESS
April 2, 2004 | Elizabeth Douglass, Times Staff Writer
Crude oil and gasoline futures fell sharply Thursday on the possibility that federal regulators would grant waivers on gasoline formulas to California and New York, a move that could help ease prices and summer supply bottlenecks. Responding to comments by Energy Secretary Spencer Abraham, who told Congress that the Bush administration was "seriously" considering the waiver requests, traders sent the price of gasoline for April delivery down 5.2% to $1.
BUSINESS
February 24, 2004 | E. Scott Reckard
A federal judge has ordered a Glendale currency trading firm and its president to repay more than $1 million to small investors, many of them from Russia, regulators said. U.S. District Judge Percy Anderson in Los Angeles also fined Fintrex Inc. $4 million and its president, Arman Ovsepyan, $1.3 million, the U.S. Commodity Futures Trading Commission said. Fintrex and Ovsepyan were charged in 2001 with marketing illegal foreign currency futures contracts.
BUSINESS
February 20, 2004 | From Bloomberg News
Hedge Street Inc., founded by Portola Valley, Calif.-based investment company Pareto Partners, got approval from the Commodity Futures Trading Commission to start an electronic exchange offering options on single events. Investors will be able to use the exchange to bet on or guard against events or indexes that do not have an underlying market, such as economic indicators, according to documents posted on the CFTC website.
BUSINESS
August 8, 2003 | From Bloomberg News
Crude oil futures jumped 2.2% on Thursday, to the highest level since March 17, after a bomb exploded outside the Jordanian Embassy in Baghdad -- heightening fears that violence will keep Iraqi oil exports below pre-war levels. Also, natural gas futures surged 7% after a government report said U.S. reserves last week posted the smallest gain since May, increasing concern about shortages next winter. In the oil market near-term futures in New York rose 69 cents to $32.
BUSINESS
August 6, 2003 | From Bloomberg News
Gasoline futures rose 2.9% to a four-month high in New York trading Tuesday on speculation that summer travel and refinery shutdowns are sapping inventories that already are below normal. The nation's gasoline reserves declined about 1.18 million barrels last week, based on a Bloomberg survey of analysts ahead of a weekly government report. ConocoPhillips and at least two other companies curtailed production at U.S. refineries in the last month because of unscheduled repairs.
NATIONAL
July 30, 2003 | Peter G. Gosselin, Times Staff Writer
The Pentagon unceremoniously jettisoned plans Tuesday to establish a futures market in Middle Eastern terrorist attacks, handing another in a long string of defeats to Iran-Contra figure John M. Poindexter, the point man for the program.
NATIONAL
July 29, 2003 | Josh Meyer, Times Staff Writer
The war on terrorism has come to this: The Pentagon is setting up a commodity-style market to use real investors -- putting down real money -- to help its generals predict terrorist attacks, coups d'etat and other turmoil in the Middle East. Under the program, revealed Monday by two of its critics in the Senate, investors with knowledge of the Middle East would be lured -- by the prospect of making money of course -- into using their expertise to buy and sell futures contracts on world events.
BUSINESS
July 15, 2003 | From Bloomberg News and Reuters
The Chicago Mercantile Exchange, the biggest U.S. futures exchange, invalidated some transactions of futures contracts tied to the Standard & Poor's 500 index Monday after the electronically traded contract tumbled 9.5 points in four seconds. The market in general was slumping at the time of the invalidated trades. The S&P 500, up more than 17 points earlier in the day, closed up less than 6 points, or 0.6%.
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