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Hay posibilidad de que en un futuro puedan venir nuevos equipos partners para esta entrega, como paso con la SS Lazio. A estos se los conoce como equipos partner. De Wikipedia, la enciclopedia libre.

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Efp spread definition in betting

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We use cookies, and by continuing to use this site or clicking "Agree" you agree to their use. Full details are in our Cookie Policy. Inflation is a friend borrowers. One could also argue that the value of real energy has actually gone up due to the realities of EROEI and the increasing scarcity of oil coupled with the the still negligble demand decline.

Now if the value of the fiat currency on which the transactions for that commodity are based is undergoing value destruction then I believe you begin to see the above scenario. Disclaimer I'm not an economist and my comment is but a hunch. I'm sure others here will quickly slap me down and put me in my place I may be in over my head too,it's been a l;ong time since I was in school and the intricacies of the oil markets are apparently sufficient to befuddle even the pros.

But you can bet your life that the real value however that term is defined econ of energy in plain english is going up. A tank of gas spent joy riding is a tank gone forever,but a tank in my tractor is food in the pantry a few months down the road. X: The chart doesn't include unfunded USA federal liabilities which are estimated to run as high as 9 times the Treasury debt. I assume you realize this yet it doesn't fit your thesis so you ignore it.

The Commodity Conundrum. My bold. This article is an updated version of an article that was published in Seeking Alpha. I have updated and clarified certain definitions. The relevance of that article in today's Market justify this updated publication. The commodities we are concerned with here are those with potentially very low storage costs. Minerals, when kept in the ground, have a storage cost next to zero. I observed a strong link between the evolution of the market price of minerals and the shape of the yield curve.

The slope of the yield curve indicates the fair valuation or not of the price of short-term assets compared to long-term assets. I am going to show that the shape of the yield curve is a first order parameter of the evolution of the price of minerals. Hence, the marginal cost of extraction of minerals becomes irrelevant to their market price as miners stop maximizing their output under the constraint: Market Price - Their Marginal Cost of Extraction.

What underlies his yield curve argument - and also the proposals I have been working on for an "Energy Standard" and International Clearing Union etc - is the relationship between Money, Value money's worth , and credit. For a deliverable contract, the futures market converges on the spot market, and not vice versa, and while position limits are useful coming in to the spot month, they are not really necessary even there because any clearing member who goes in to a delivery month without ensuring that either he, or his clients, are in a position to make or take delivery in accordance with exchange rules is in deep shit.

The hugely traded ICE BFOE contract is of course cash settled and therefore can have no direct influence on the physical or "spot" market price any more than a bet between me and Nate. It is settled against a price calculated against trading in respect of the BFOE , barrel forward contract, but even this price is not that against which most of the global oil price is calculated.

It is the Platts assessment of "dated" BFOE contracts to which we must look for that, and the relationship between the ICE futures price, the forward price, and the dated price is what makes the Brent complex It is also a licence to print money for intermediaries at the expense of end user producers and sellers. I have long believed that a good starting point - and indeed the basis of a new global energy architecture is a global trade repository. Trade Body should be in control of oil sales.

Such a registry, through an exclusive user group "International Energy Trade Association" , gives both a mechanism for transparency, and also a tool for enforcing and maintaining agreed market standards - ie suspension or termination of membership of the user group, and hence of the right to register transactions. For as long as we have a financial system dominated by intermediaries intent on maximising profits - and moreover a system in which these profits are accounted not in Units of value but in Units consisting of claims over value asserted "ex nihilo" by credit institutions - then we are stuck on the current treadmill.

I believe that the key is to create a partnership-based framework within which end users transact directly, and where intermediaries transition to service providers. In fact we are already seeing this trend writ large in the way that producer NOCs are taking back ownership on reserves from NICs, and re-engaging with them as service providers.

As I outlined here, my proposal is essentially for the creation of simple but radical new asset classes, which are to all intents and purposes new currencies. In particular, these would be units redeemable in gas, electricity, and other carbon-based fuels but priced against a Unit of Measure or "Value Standard" consisting of a fixed amount of energy.

It is only by bringing to bear a full global market price of energy to bear on those nations profligate in its use that we will see a serious reduction, and through monetisation, we may compensate the citizens of these nations with Units redeemable in energy which have a global value in exchange.

Within a partnership framework it will be possible to address resource use, apply a carbon levy, and much else on the basis of sharing gain and pain. My take on what has been going on these last 15 years in the oil market is that we have seen three periods:. They profited from this, and from information asymmetry at the expense of end user producers and consumers who were using the market for its intended primary purpose - ie hedging. Pillaging these big fund positions has been going on for years.

I blew the whistle on it 9 years ago and lost everything I had - livelihood, home, family - as a result, but it has long since been accepted that such conduct is a fact of market life. Finally, and apologies for such a long post, I think that what is happening in the market is that funds such as GCSI are essentially being used to prop up the market price through long term manipulation of the BFOE complex.

I am reminded of the way in which the International Tin Council kept the tin price artificially high for years - until production ramped up, they ran out of money, and the price collapsed overnight in in the "Tin Crisis". I am also reminded - and this is probably a closer analogy to current shenanigans - of Hamanaka's long term manipulation of the copper market which went on for 10 years, and for five years was undetected.

Of course, the producers who are coining in hundreds of billions aren't going to complain about a few billion to middlemen, and the consumers don't know that they are losing. Modern Market manipulation. What is needed IMHO is a new global energy settlement at a Bretton Woods II where a new architecture, pricing mechanism, reserve currency denominated in energy and investment distribution allocation is made in respect of energy. I think that what is happening in the market is that funds such as GCSI are essentially being used to prop up the market price through long term manipulation of the BFOE complex.

Do you think it is just Goldman Sachs, or are there others involved? With so many in government from Goldman Sachs, wouldn't they figure this out? What do you think of his "Bubble 4"? Probably nothing in writing - just an understanding. I suspect - I have no evidence, and the FSA didn't bother looking when I made allegations re manipulation - that for years BP who have always been structurally short Brent futures, and GCSI since its inception who have been structurally long, may have indulged in what I call a "Grand Old Duke of York" strategy.

They could easily compensate each other with OTC wash trades. I'm probably just paranoid. BP and Goldman would never do things like that. As for Taibbi, I think he's right that Goldman were one of the biggest players behind the bubble. My personal view of Shell is that they are an oil company that aims to make profit, while BP is a profit company that happens to produce and trade oil.

Regarding futures, options and [S]ulfur: recall my earlier post on the Twentyfold S-price increase and the consequent ripple effects through I-NPK and industrial goods. Inorganics -a Mar 26, At a time of oversupply in the global sulfur market, it is strange that the drastic price rise has happened.

The major reasons are as follows: a A long-lasting strike staged by railway workers in Canada, the major sulfur producing country in the world, has blocked transportation and limited the supply of sulfur in some regions; b The output of sulfur in the Middle East has remained unchanged in recent years; c The ship sinking accident in Russia has led to the disrupted maritime shipping of sulfur. Sulfur is mainly used to produce sulfuric acid.

After this RR-strike started, recall that some companies called force majeure as shortages arose. Combined with rising oil prices back then, one could almost say this transportation bottleneck caused a I-NPK and industry bottleneck, which then caused a food bottleneck, which then led to food shortages and rioting. Then, the price of crude crashed, followed by sulfur and other major commodities. Since there was no futures market for S: perhaps a lot of the companies that needed S bought oil futures to try and hedge against the remarkable price-rise in S?

Thxs for any reply. One thing that strikes me is with the price of natural gas so low and so volatile, it seems like that would need as much or more investigation as oil. But that doesn't seem to be what is happening, unless I am missing something. I have suggested something analogous to price supports for both.

I don't think that is going to happen either. It is also possible to speculate on horses, cards, lottery numbers, and the roll of dice or roulette wheels, and maybe even make money on these. It is also possible - or more accurately, probable - that one can lose money on these. I fail to see very much, if any, difference between these activities and the activities that go on in the trading pits.

The odds seem to be just as highly stacked against the ordinary person. A free people should be free to engage in any of these activities. I see no good reason why any of them should be held up for approbation and encouraged, though. Speculation in all its forms has traditionally been frowned upon, and for good reason. The whole notion of getting something for nothing is highly corrosive of more solid virtues such as honest work, thrift, self-discipline, and prudence.

It is these, and not speculation, upon which a great people and a great nation are built and maintained. Yeah -- unfortunately this lottery becomes a larger and larger percentage of our GDP economy. The name of the game is to survive -- and to beat the other guys. All modeling will have to take account of what others do and will do -- economy in terms of production of goods is almost irrelevant.

Why Obama willing to give these guys hundreds of billions to continue doing that is beyond me. I guess your comment is rhetorical-for I to state that they own the guy would offend many, so let's just say that it appears that it is extremely important to him that Wall Street insiders prosper more important even than it was to any former President.

It appears to be his most important goal and he is succedding superbly at it considering the circumstances. I can see the need for farmers and for food processors to deal in futures contracts to lock down prices on which they can plan. That does help deliver product. I see little evidence that they actually contribute anything productive to the economy. Betting on lottery has individual impact but betting on oil might have societal consequences..

I like the concept, but can this actually be accomplished? Take the US, for example; with tremendous debt and limited oil resources, can the US even cover its debts, much less provide for liquidity for payrolls, purchase orders, etc? Wouldn't the transition be untenably wrenching?

I see an energy based currency as being the necessary global reserve currency to replace the dollar. For instance, around two thirds of US and UK money supply came into existence as mortgage loans. Even with conventional throw away rockets space based solar energy pays back the energy needed to lift it to GEO in no more than days. The problem is getting the cost down and there is at least one way, probably many ways, to do this. As distorting as participant behavior may be, the futures market is the only system currently in place where one can express an opinion beyond the cult of the present.

Beyond, as you like to say, our preference for a steep discount rate. And so there is a dark side to control and limitation of behavior in the futures market--it is a control of information, a limitation on a viewpoint. Unfortuneatly I see a number of actors who would benefit from having this information removed from the futures market.

In particular, policy makers of all kinds and legislators. Agreed, generally, there are no good answers to either the problem of the present vs future tension, or, the age old quest for a stable currency. I would almost rather see a control of fractional reserve banking and debt creation first. But notice that no one in government calls for that, do they. I can imagine a time when the US Treasury Bond market gets out of control, and the call is heard to control speculation in the long end of that futures curve as well.

I read your interview above and wanted to see it on the TV. I missed the first 5 minutes of the pm show so I forced myself to stay awake for the pm repeat. As usual, mainstream media left out all of the really good stuff. I have always thought that to tell the truth and accelerate raising the bar of common discourse would logically result in correct decisions being made - but I increasingly think the opposite. People have been pondering these same concepts since the s and perhaps far earlier.

In most cases, a they didn't end up being acknowledged as right until well after their deaths and b none of them lived on a planet of 7 billion, so many of which are connected through the just-in-time arteries. I pretty much live for those 'aha' moments which alas have become increasingly rare as I get older. TOD has filled in some details but done little to alter my overall worldview. Genius always goes only so far Thanks for this posting.

What is the "real value" related to? Is it compared to one leaf of bread, gold, UK pound, a mixed bag of goods or whatever? This is important to know as for example a hand made mechanical watch may have got much more expensive whereas a computer got much cheaper even more if so called hedonic improvements are considered. The graph shows a log scale graph of the purchasing power of the U. The solid lines present periods when the dollar was convertible into a specific quantity of gold, and the fluctuations represent changes in the purchasing power of gold.

There was partial convertibility from to , the dollar lost purchasing power during the period. The final link between U. Does it make sense impose trading restriction to just a subset of the markets. How many more gold contracts are sold than the writers actually hold in their vaults?

Is gold a necessity of life? Can the Goldman's not just use the cash generated from this paper market to manipulate their profits in other ways. I think so. Uncle Sam will take care of nephew Goldman, don't you worry. It's just less and less a free market everyday. More deception, but no less screwing of the honest man on the street.

Leverage and large position limits on depleting, vital commodities is recipe for trouble. The only thing I can be sure of regarding the dealings of the oil traders is that I would be broke in a week if I got involved. But if there is away to let a little sunshine,I'm reasonably sure it would destroy a few slimy creepy crawlies that can only survive in the dark.

Wiil trading limits help in this respect? Will the rest of us-as opposed to the traders themselves,know any more? I admit that I scanned thru the comments quickly, so someone may have made this point already, but, with regard to derivatives it is important to define terms.

Many in the press and a number of traders, include in the term contracts that are really insurance policies. A true swap and most of the derivatives not all related to oil are a sum zero game, the winner getting virtually what the loser loses. With regard to Goldman, Morgan and others, the best way to look at their flow of derivatives in oil, I don't know much about the rest of their books is to think of a bookie.

Swaps get priced in fundamentally the same way. What CFTC changed back when was to allow Goldman et al to have a virtually unlimited position making them "commercials" , as a hedge against OTC derivatives and, equally important to the movement of oil prices, against index funds. If speculators had any thing to do with driving prices higher, it seems to me most likely that it is due to the Index funds whereby many categories of investors went almost permanently long.

As these funds grew, you could see their bids come into the ring before electronic trading took over , the cardinal sin for the fellow executing their trades was failing to get filled, not price. Their orders were "just f At the end of the day, I have yet to see any advocate of the "evil speculator driving up futures prices" story, give a satisfactory answer to the fact that there is a seller for every buyer, a short for every long.

Non-commercial traders were allowed into the oil futures market under the pretext that they would engage in legitimate hedges. What actually happened is that they acted as funnels for outside money which couldn't directly access the market. These transactions were handled through what were essentially credit swaps. As you might expect, all this extra money in the market drove up prices. The result was an explosion in paper barrels so that there might be a paper barrels for every real barrel.

Guess which part of a market dominates if you have a of one thing compared to one of another. There is this idea that real barrels should count for more because, well, they're real, and that this somehow will exhibit itself at settlement time. But this is to misunderstand how the futures market actually works.

Real barrels have no priority in this, which is why, of course, the market has lost its price finding function. The price of real barrels is just dragged along after the paper barrels. And this is also true for the spot pricing as well. As long as these non-commercials could exit a position in the market at a higher one than when they entered that was where they made their money. It was the differential between the two.

Real world producers were happy because they made a killing on the absolute or underlying price, which had been jacked up year over year since The situation was made even murkier when OTC trading and then alternative trading platforms were introduced. There was concern about the alternate platforms, i. There was a Levin bill last winter that was supposed to address this.

But he screwed up the language so that oversight went to other futures markets like natural gas but not crude. The CFTC is now talking about reporting requirements but I don't think any have actually been finalized so the crude markets are really not so much different than they were last year. The real question is who is playing them this time around. Are the not so departed investment banks in the markets as agents or principals? Are any of the sovereign wealth funds who certainly have an interest in spiking crude prices involved?

The truth is we won't know for a while if ever because to date the market remains significantly opaque. Interesting, your thesis. Though I admit that it can be freaky accurate at times. As to your point about paper demand, I have pondered its impact over the years as it grew. My conclusion, at least till proven wrong, is that we need to view this from a slightly different angle. It cannot be viewed in the classic sense of demand for a commodity, none of the paper folks have any desire, or the ability especially as to crude oil to make or take delivery.

In truth theirs is a demand for a financial hedge, in many cases this "hedge" should be described as a desire to broaden and diversify their speculation. To get a bit ahead of myself, once the EFP is done, the sorting out down to an ACTUAL delivery has a long way to go, the physical market trades several hundred times the volume physically delivered, and has for at least 35 years I can attest to. As to your point about the increase in trade volume and open interest, it is beyond your wildest imagination, as I said, I have been a participant in the oil markets from prior to the advent of futures I think , and I cannot believe the size of the market today.

The size and daily trade volume alone argues against there being any truly serious market manipulation. Here are some recent Open Interest numbers, I have used CFTC data which combines the "delta" of the regular board traded options into the standard WTI contract, plus the burgeoning variety of exchange traded products based on WTI futures:. These are as you know, contracts of 1, barrels, so this represents 4.

To be honest, I have only taken the main contracts, there are others. Now as to daily volume, I did some research a few months ago and the short version is that if we combine NYMEX with ICE for the major contracts we will go over 1,, contracts traded daily remember, volume is NOT the same as open interest, you can trade a jillion contracts without a change in open interest. One million contracts is equal to One Billion barrels, or more than 13 days of total world production.

So, as to speculators manipulating prices, one needs to define manipulation a little better but the sheer size of the market makes long term manipulation a little difficult to do. As a trader, of course I can start rumors, come in as a seller or buyer at critical times, trade when volume is low to accentuate a move, etc. As I said in my original post, I do believe that the advent of "Long Only" funds, changed the tone of the market considerably, and for a while that was supportive.

For a while, but look how fast the market fell markets almost always fall faster than they go up when the market perception shifted from, "they will be there to buy no matter how high" to "they gotta get out no matter how low". The irony I see is that if you accept the "evil speculators pushed price up" theory, the speculator that did the deed is most likely the small guys buying shares of USO.

As to who holds the positions, you will find that "commercials" positions are roughly 10 times the size of "non-commercials". The non-commercial category was originally established and intended to report the positions of large speculators, including in theory the spec positions held by those who were otherwise considered commercials.

My understanding is that today it has the positions of the "funds" including the index funds like USO. I do believe that the Goldmans, Morgans et al are largely included in the commercial category these days. Sorry to have rambled, hope this is of interest. Posted by nate hagens on July 8, - am Let's return to a central theme: that finite resources are being quantified by infinite money. On a deeper level, the blame is on all of us, for sleepwalking into this situation So what does this mean?

PDF version 77 comments. PQ17 on July 7, - pm Permalink Comments top. Mobus on July 10, - am Permalink Parent Comments top. Then, live simply and happily! VK on July 7, - pm Permalink Comments top. When computer scientists create 'Artificial Stupidity'. Ronald Reagan, moving forward into morning in America, again From the main post, first sentence: "finite resources are being quantified by infinite money.

Neil on July 7, - pm Permalink Comments top. No one knows. Neil on July 7, - pm Permalink Parent Comments top. Hi guys, Nate, I'm on your side. Well, will take a while to be played out:- Cheers, Dom. Or is there a fault in my logic? Cheers, Dom. Dryki on July 7, - pm Permalink Parent Comments top. Neil would consider himself "offset" -- theoretically he can't loose or gain more than 5k. Engineer on July 8, - am Permalink Parent Comments top. Think market panic.

If this is the case and I think it is then ie: debts will not be paid. What then? Nate, The two lead articles in this months Atlantic magazine deal with renewable energy and the management or mismanagement of economic bubbles and monetary policy. Roubini,in response to questions concerning pumping money into the economy to help offset the collapse of a bubble specifically abouut the timing of raising interest rates : "that is very tricky The one thing you absolutely cannot do and survive under fire is stop moving out in the open.

The article on the status of renewables and the mindset of the current players is just as good. Cslater8 on July 7, - pm Permalink Comments top. Gail the Actuary on July 7, - pm Permalink Comments top. Great article and analysis as usual. Kudos to Hubbert and Nate!

Anybody know differently? Wildcatter on July 8, - am Permalink Comments top. Not only do we have the singularity, we have the 'Great Incomprehensibility'. Funny, nobody complained about it back then Nate -- the real problem is that no one owns the soil, water, or air. No human owns any part of our habitat. We have hallucinated capitalism as we have run riot over the planet.

In order to keep the hallucination going we need ever increasing amounts of this liquor. I appreciate your article, but do not see a way to back ourselves out of our predicament. If we all make the best efforts we can, then some things might just work. Meanwhile the only thing that matters is love, so all is not in vain. Fmaygar, I may be in over my head too,it's been a l;ong time since I was in school and the intricacies of the oil markets are apparently sufficient to befuddle even the pros.

ChrisCook on July 8, - am Permalink Comments top. Excellent post, Nate. Firstly, I recently found a very interesting argument The Commodity Conundrum from one Shalom Hamou which goes totally against conventional wisdom, but which I find quite convincing. My bold Abstract: This article is an updated version of an article that was published in Seeking Alpha. I have long believed that a good starting point - and indeed the basis of a new global energy architecture is a global trade repository Trade Body should be in control of oil sales Such a registry, through an exclusive user group "International Energy Trade Association" , gives both a mechanism for transparency, and also a tool for enforcing and maintaining agreed market standards - ie suspension or termination of membership of the user group, and hence of the right to register transactions.

I digress. Goldman Sachs magic commodities box Hell, if you make the rules, you can't break them can you? This brilliant article by Mike Riess is a must read in the context of Modern Market manipulation What is needed IMHO is a new global energy settlement at a Bretton Woods II where a new architecture, pricing mechanism, reserve currency denominated in energy and investment distribution allocation is made in respect of energy.

Thanks for bearing with me! Thanks for the mini-guest post! I would be interested in a little more elaboration on: I think that what is happening in the market is that funds such as GCSI are essentially being used to prop up the market price through long term manipulation of the BFOE complex.

Hello Nate, Regarding futures, options and [S]ulfur: recall my earlier post on the Twentyfold S-price increase and the consequent ripple effects through I-NPK and industrial goods. Since I am not an expert, what happens when this S-futures market starts next week? Gail the Actuary on July 8, - am Permalink Comments top. With all due respect, Nate, neither do day traders.

Will Stewart on July 8, - pm Permalink Comments top. I am in favor of an energy based currency I like the concept, but can this actually be accomplished? Keith Henson on July 8, - pm Permalink Comments top.

Legging in refers to the act of entering multiple individual positions that combine to form an overall position and is often used in options trading.

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Efp spread definition in betting Ronan Efp spread definition in betting is a precious metals analyst with BullionStar whose blogs often cover current themes including what's going on in the London gold market and the gold activities of central banks. My conclusion, at least till proven wrong, is that we need to view this from a slightly different angle. It's about how it interacts and relies on energy. Picture of physical oil market that they paint happens to be very accurate. Segmentation criterion 1 — metal type: precious metal, non-precious metal. The offers that appear in this table are from partnerships from which Investopedia receives compensation.
Dbn july 2021 betting lines Equity derivatives — classes not having a liquid market. Dryki on July 7, - pm Permalink Parent Comments top. Notation of the quantity in measurement unit. Transactions where an investment firm has brought together two clients' orders with the purchase and the sale conducted as one transaction and involving the same volume and price. The price of an ETN is directly or indirectly linked to the performance of the underlying. Not that I hold traders blameless. First, in order to qualify as a U.

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Wait a minute! Isn't the energy crisis solved? Thorium has the potential to provide infinite energy and there is space based solar power? We live in the Economists world of abundance and plenty, can't wait for the singularity to occur! We live in the Economists' world of abundance and plenty, can't wait for the singularity to occur!

Indistinguishable from the real thing. The Singularity will look and sound just like Ronald Reagan. Good speculators are needed to take the opposite positions of physical trades - they provide the all important liquidity. The bad speculators simply buy the market and and use their size and transaction velocity to push up prices. The problem is that one of the 'Bad' speculators is Goldman- Sachs, the fourth branch of the US government.

Another 'Bad' speculator is China, buying oil with some of its dollar reserves. Here, China would be 'screwing' America in the morning again I imagine all the producers are buying long- dated crude contracts - and some call it hedging! This would make the producers bad speculators. Why wouldn't producers manipulate the market? Easier to make cash on oil you DON'T have to deliver Also, shippers and refiners are selling crude back and forth to each other outside of the reach of CFTC.

A tanker load of crude is represented by a receipt. How many times will that receipt change hands between the Gulf of Arabia and the Gulf of Mexico? Between the terminal and the the refinery? I say, good luck CFTC! I really hope this is the 'singularity' thing can bring back Hope. You know, so we can 'move forward'.

It's "the magic of the market" till the magic produces things we don't like. Then it's "those nasty speculators. But somehow we can't face that the system that creates huge amounts of apparent wealth for a few can also destabilize the entire system for all.

The main point of course is that the system goes nuts as real limits come into view. But TPTB, most economists, and most of the public cannot acknowledge such a possibility, so a scapegoat must be found. Not that I hold traders blameless. But to pin the problem on a few people rather than the blindness of the whole system is myopic at best. Blame it on Fibonacci for introducing the Arabic really Indian numerical system, complete with that handy cypher, that provided materialistic, piratical, spiritually backward European monkeys the ability to imagine and calculate limitless plunder in a limit world.

I still don't totally get it how speculators can affect oil prices. The speculators are playing with future markets. Real oil is priced in spot markets. Unless speculators have a big tank, I don't understand how they can buy oil from spot market and make the price rise.

Of course they can cause future markets to rise and create contango. Then someone can make money by buying oil from spot markets and storing it as has happened recently. But was this case what caused the spike in last year? Or was it real demand from refineries? By the nature of derivatives they are bets taken against each other, they are not physical products, when the trillion are added together, won't they become close to zero? No a they can be created just by a penstroke via fractional reserve banking - that used to allow leverage on its own but de facto it is much higher than that due to dropping required reserve percentages, reducing the categories of funds needing a reserve and allowing funds to be swept from a reservable category to a non-reservable category overnight.

Multiply this example by millions of counterparties and positive feedbacks worldwide and you have recipe for disaster. Surely it's possible to estimate this from the leverage ratio of specific investments? Not possible, but we have alot of clues. I am in the minority camp that believes we have significant deflation before inflation -quant easing is drop in a bucket compared to credit destruction in real economy.

Nate, Thanks, that very interesting, if those derivatives are not hedged or poorly hedged it's easy to see big financial problems quickly developing. Nate, I'm on your side. Japan's been "printing money" for almost 20 years now and know nothing of inflation. The deleveraging continues. It will take a long long time for paper money to catch up with "digital" money, especially with the demographic and peakoily situation.

Welcome to Kondratieff winter. Like in Narnia maybe a winter that will never end Well, will take a while to be played out Choose your value for N. Inflation can always be made to win in a fiat system. All it takes is for someone to stand up and say "I am going to make your money worthless. Why isn't it working right now? Fiat is not Fiat, meaning, it is not just "printed" without obligation. Instead, it is "borrowed" into existence. But that's not our question right now.

If this were the case, then inflation would be easy to produce. Then your equation could make sense. Which tells me that inflation will ONLY occur if we make more debt than what is being defaulted and deleveraged.

IF you see John Mauldin around the fire in that camp, tell him Goober sayes hey. But that is pretty much what he said today: things are going to deflate for quite awhile. I want to believet that, but it is hard to reconcile delation with a debtor dominated democracy. Can't happen for very long, before the government just starts handing out money. For every long JPM has there is a short somewhere and vice versa of course.

Bringing the number of "paper barrels" in line with the number of physical barrels doesn't change that. Obviously that would cause trading, and therefore to some extend price discovery, to grind to a halt. It is not about oil contracts so much as it is about TOTAL claims in our system compared to real things. I talk about this all the time and must not be making myself clear - half the people get it right away and others continue to think it is a zero sum game - it isn't. Neil, you are quibbling over a detail irrelevant in the big picture a system whose claims on the future are higher than its real assets.

The best governments can do - within the current paradigm - is print money to plug the holes on the balance sheets. That's not enough, however, to keep business running. The bankers know they cannot make loans expecting them to get paid back from real wealth; the only way they can make money now is to extend the printing and looting.

The pledges - the loans and bonds and social security and whatever - exceed Gaia's blood. Smart traders shut down or game the system. Nate, There is a possibility of systemic risk higher than just the percentage of non-offset contracts. What if Neil had also taken out a contract with me with him long at 60 5k margin also , hedging the risk and limiting his payout if the price does rise.

The problem is if I then reneg on the 20k difference that the large swing puts me out, Neil is then suddenly exposed to the risk, possibly causing him pass this loss onto you. These "offset" contracts are only as good as the person at either end of the chain mitigated by the margin at each step of the chain, and the cash reserves of each player in the chain. The problem is that it is this extra systemic risk which is quite hard to quantify - what is the correlation between bankruptcies of non-offset traders, and people who hedge themselves?

To my non economically trained -- i've a BSc, not a Becon mind this would seem to be the largest non-linear risk within the current financial system. We've haven't seen this happen within mortgage securities; there wasn't much hedging, just complete on-selling, with the insurance companies having insufficient capital to cover the difference in value. On an exchange traded contract, the exchange takes the credit risk.

The exchange also sets collateral levels and maximum daily price swings. They'll sell out your position long before you owe them 20 grand you don't have. This assumes that the market is moving slow enough that they can keep up. In a rapid dislocation, they might not be able to find a buyer before they are under water.

Even with max daily swings, if they can't find enough buyers at the right price, someone is going to eat a real loss. I agree with many of your points - however, I wouldn't necessarily say that funds like Amaranth and Ospraie are examples of extreme leverage. They flamed out spectacularly, but they weren't close to losing more money than they had cash on hand.

I think that those are an example that the commodities futures market works really well compared to say, fixed income and equity markets. For the size of their positions, the commodities markets handled those blowups extremely smoothly. We have actually had many dramatic blowups of both physical players and financial in the past few years, and none of them turned out to be systemic risk.

Take 'speculators' out of the equation, and when a physical player blows up, it's going to be ugly, with nobody to provide liquidity. This is a problem with what lawmakers are trying to do. It's a little specious reasoning to compare the amount of oil left with derivatives contracts. One is consumed and gone forever and one is not. Making a bet on something doesn't use up a resource. The graph shows US Treasury Debt not including social security and Medicaid shortfalls vs remaining oil.

And the point is that we need growth in order to pay back debt and need energy gain for growth. It's likely we will have some debt reduced by inflation, some real growth in GDP due to energy efficiency and considerable growth in renewable and nuclear energy replacing much of the EJ of oil with a much smaller amount EJ of electrical energy.

I had the fantasy some years ago that suddenly all debts were canceled. It was dreamy, entertaining for a while but I couldn't come up with a "what then? The two lead articles in this months Atlantic magazine deal with renewable energy and the management or mismanagement of economic bubbles and monetary policy. Author James Fallow has done an admirable job of combining commentary with an interview with Nouriel Roubini,aka as Dr Doom, the New York University economist who called it correctly last year-and put his rep on the line in so doing.

I've insisted since my first comment on the matter in this forum that inflation is a very real risk,and that the printing press,or it's electronic counterpart,is a machine capable of crushing any amount of deflation,a conclusion I reached years ago from reading history and occasional pieces by economists who seem to make sense -to me at least.

Roubini,in response to questions concerning pumping money into the economy to help offset the collapse of a bubble specifically abouut the timing of raising interest rates :. In either case,prices rise-and sfaik there is every possibility of both inflation in the technical sense of the word AND another bubble. Double whammy!! And don't forget what you do on a slick road when you KNOW you have only two choices-either you keep moving or you stop moving,maybe never to move again,until rescued by either spring or somebody with a BIG ole tow truck or maybe a helicopter.

And there is nobody out there with either a tow truck OR a copter big enough for the job. If she looks like she's stalling,human nature and history says they will floor it and try to bull thier way thru. If there is any sort of additional crisis during the next few years,such as a HOT little war someplace,or if the guys sailing the monetary ship miscalculate? Great article Nate. Some amazing analysis here. I particularly like articles like this that go beyond just analyzing oil supply or projected supply, instead linking energy in its relationship to the economy.

You nailed it in so many ways. It probably is a waste of breath because the same human behavior that ridiculed and ignored Hubbert, is still with us. This is a graph shown is a WSJ article called Oil speculators under fire , comparing long oil positions and prices of oil. I am having a hard time seeing a strong correlation. For a while it looked like prices went up as long positions went up, but it doesn't look that way recently.

Many commercial contracts are also highly speculative I don't think just the non-commercial is good enough to get the full picture. Not to mention we don't know the real leverage levels. To follow to some extent with Nates posts the leverage is probably more important than if the positions are net long or short. Since leveraged player esp those with large positions will be forced to make moves on fairly small market swings. Personally I think that we may have even more dangerous leveraged positions now than we had back in And by dangerous I mean not just probably higher leverage levels but also high levels of potential systemic counter party default.

In short not only did we learn nothing but we have probably gotten worse. I threw in the WTI price as an added wrinkle. Their graph also shows open interest, which loses volume through the year. Would be even slicker to add up the various parties who are net long or short. At any rate it makes less than no sense that the big players would jump out the escape hatch right when the rocket was headed for escape velocity; unless they knew it'd never make it into orbit, that is.

Or some acid was eating its way through their parachutes? However, one thing that could help is to refine the categories used by the CTFC, using just 2 or 3 categories is just plain silly and makes analysis very difficult in particular when traders have no incentives declaring themselves as non-commercial. I did a quick google on the 'value of money' and came across some interesting websites with calculators and database series on national inflation rates, purchasing power erosion , GDP, etc.

That's why I keep coming back to this sight for information about our economy. It's not just about the credit or currency folks! It's about how it interacts and relies on energy. Yes, most economists miss the boat by not taking our energy situation in to account My understanding is that very little crude is traded in the open or futures markets, but rather is bought and sold on contract, after private negotiation. I have been a TOD reader for one year and I am a young professional that has worked in the oil and gas industry since I am glad that there is an active online community providing critical analysis on the worlds current energy issues.

This recent call from various governments around the world to put the lid on "speculators" is just the dog and pony show that politicians will conduct to try and find someone to blame for the recent price volatility. Considering in the oil and gas industry uses futures markets and hedging quite a bit to mitigate market risk there is definitely a lot of concern about what may happen here but most don't think real regulation is actually possible.

Governments appear to be starting to worry now, peak oil is becoming reality and a more frequent headline in the news. Many economies and businesses cannot and will not be able to operate in an environment where such a critical resource can fluctuate so violently in price. This is going to cause further contractions and many more bankruptcies beyond some of the recent automotive, banking and airline industries which I consider to be the "canary in the coal mine" businesses for peak oil. I also think it will pose significant problems into the oil and gas industries ability to survive in its current form much less increase production.

We are entering perilous times, an energy induced recession I expect to last well into the next decade and a total upheaval of the American way of life as we know it. Definitely a group effort to "Shoot the Messenger. It's apparently incomprehensible that the energy markets wouldn't price supply and demand forward like other markets do.

Arguing the date of peak oil is a denialist strategy as the price effects of constrained supply against steadily increasing demand are inescapeable. What is more intriguing is the question of what held prices so low for so long during the 'Great Moderation'; - ? Probably speculation and price manipulation along with a flood of oil from the North Sea and Prudhoe Bay.

Dollars, digits, and digital data related to currency are all part of the delirium tremens -- the trembling madness -- of a species drunk on the liquor of easy access to energy combined with a bizarre mash-up of superstition, primitive rage and fear, and very clever and thus very dangerous technology.

The ideas and numbers presented by economists show us nothing of reality in the way that economists intend. They do reflect the reality of a kind of manic madness fed by increasing amounts of the liquor of abundant material resources which for awhile hid the madness completely. The only way to keep increasing the amounts of the liquor we crave is to kill off other people and take their share.

We do this on a daily basis and in a very organized and intentional way. We call it war and extend our superstitious rampage as far as we can. Discussion of economics is fine, but we ought to start with a clear rejection of the dehumanizing nightmare inflicted on us by economists thus far. Veblen made some sense, didn't he? I've not read much of his stuff, and it has been years.

Jay Hanson just mentioned him over on "peak oil killer ape" as one who challenged the prevailing economic model of his time. I don't think that 'economists' have inflicted a dehumanizing nightmare on us, though. Like people in general, some are good, some bad, but for the most part we've all economists included been operating in a paradigm of plentiful resources. It's unfortunate more people haven't realized it's time to change, but you can't blame people for acting the way they have for the past years.

Also, economics are the lens through which we'll first see the realities presented here impact our lives. Obviously, they already are. The economics of our situation will dictate our response. Here I go again on comparing things that are different. In the graphs that Nate uses up top, the first shows the decline in remaining recoverable crude vs.

This looks alarming of course. And the next graph shows the declining value of the dollar. Can't have it both ways! If the dollar's real value has declined as shown in the second graph, the first graph which is the real recoverable crude must be compared to the real value of U.

Treasury Debt adjusted for the declining value of the dollar shown in the second graph. Therefore the real value of the Treasury Debt is about 1. Real must be compared with real and not nominal as is done in the first graph since the remaining recoverable crude is real. This is a serious logic flaw. Real must be compared with real. The value of the Treasury Debt shown in the first graph should reflect the decline in the value of the dollar shown in the second graph.

Then the situation would not look so alarming. Inflation is a friend borrowers. One could also argue that the value of real energy has actually gone up due to the realities of EROEI and the increasing scarcity of oil coupled with the the still negligble demand decline.

Now if the value of the fiat currency on which the transactions for that commodity are based is undergoing value destruction then I believe you begin to see the above scenario. Disclaimer I'm not an economist and my comment is but a hunch. I'm sure others here will quickly slap me down and put me in my place I may be in over my head too,it's been a l;ong time since I was in school and the intricacies of the oil markets are apparently sufficient to befuddle even the pros.

But you can bet your life that the real value however that term is defined econ of energy in plain english is going up. A tank of gas spent joy riding is a tank gone forever,but a tank in my tractor is food in the pantry a few months down the road. X: The chart doesn't include unfunded USA federal liabilities which are estimated to run as high as 9 times the Treasury debt. I assume you realize this yet it doesn't fit your thesis so you ignore it.

The Commodity Conundrum. My bold. This article is an updated version of an article that was published in Seeking Alpha. I have updated and clarified certain definitions. The relevance of that article in today's Market justify this updated publication.

The commodities we are concerned with here are those with potentially very low storage costs. Minerals, when kept in the ground, have a storage cost next to zero. I observed a strong link between the evolution of the market price of minerals and the shape of the yield curve.

The slope of the yield curve indicates the fair valuation or not of the price of short-term assets compared to long-term assets. I am going to show that the shape of the yield curve is a first order parameter of the evolution of the price of minerals.

Hence, the marginal cost of extraction of minerals becomes irrelevant to their market price as miners stop maximizing their output under the constraint: Market Price - Their Marginal Cost of Extraction. What underlies his yield curve argument - and also the proposals I have been working on for an "Energy Standard" and International Clearing Union etc - is the relationship between Money, Value money's worth , and credit.

For a deliverable contract, the futures market converges on the spot market, and not vice versa, and while position limits are useful coming in to the spot month, they are not really necessary even there because any clearing member who goes in to a delivery month without ensuring that either he, or his clients, are in a position to make or take delivery in accordance with exchange rules is in deep shit.

The hugely traded ICE BFOE contract is of course cash settled and therefore can have no direct influence on the physical or "spot" market price any more than a bet between me and Nate. It is settled against a price calculated against trading in respect of the BFOE , barrel forward contract, but even this price is not that against which most of the global oil price is calculated. It is the Platts assessment of "dated" BFOE contracts to which we must look for that, and the relationship between the ICE futures price, the forward price, and the dated price is what makes the Brent complex It is also a licence to print money for intermediaries at the expense of end user producers and sellers.

I have long believed that a good starting point - and indeed the basis of a new global energy architecture is a global trade repository. Trade Body should be in control of oil sales. Such a registry, through an exclusive user group "International Energy Trade Association" , gives both a mechanism for transparency, and also a tool for enforcing and maintaining agreed market standards - ie suspension or termination of membership of the user group, and hence of the right to register transactions.

For as long as we have a financial system dominated by intermediaries intent on maximising profits - and moreover a system in which these profits are accounted not in Units of value but in Units consisting of claims over value asserted "ex nihilo" by credit institutions - then we are stuck on the current treadmill.

I believe that the key is to create a partnership-based framework within which end users transact directly, and where intermediaries transition to service providers. In fact we are already seeing this trend writ large in the way that producer NOCs are taking back ownership on reserves from NICs, and re-engaging with them as service providers.

As I outlined here, my proposal is essentially for the creation of simple but radical new asset classes, which are to all intents and purposes new currencies. In particular, these would be units redeemable in gas, electricity, and other carbon-based fuels but priced against a Unit of Measure or "Value Standard" consisting of a fixed amount of energy.

It is only by bringing to bear a full global market price of energy to bear on those nations profligate in its use that we will see a serious reduction, and through monetisation, we may compensate the citizens of these nations with Units redeemable in energy which have a global value in exchange. Within a partnership framework it will be possible to address resource use, apply a carbon levy, and much else on the basis of sharing gain and pain.

My take on what has been going on these last 15 years in the oil market is that we have seen three periods:. They profited from this, and from information asymmetry at the expense of end user producers and consumers who were using the market for its intended primary purpose - ie hedging.

Pillaging these big fund positions has been going on for years. I blew the whistle on it 9 years ago and lost everything I had - livelihood, home, family - as a result, but it has long since been accepted that such conduct is a fact of market life. Finally, and apologies for such a long post, I think that what is happening in the market is that funds such as GCSI are essentially being used to prop up the market price through long term manipulation of the BFOE complex.

I am reminded of the way in which the International Tin Council kept the tin price artificially high for years - until production ramped up, they ran out of money, and the price collapsed overnight in in the "Tin Crisis". I am also reminded - and this is probably a closer analogy to current shenanigans - of Hamanaka's long term manipulation of the copper market which went on for 10 years, and for five years was undetected.

Of course, the producers who are coining in hundreds of billions aren't going to complain about a few billion to middlemen, and the consumers don't know that they are losing. Modern Market manipulation. What is needed IMHO is a new global energy settlement at a Bretton Woods II where a new architecture, pricing mechanism, reserve currency denominated in energy and investment distribution allocation is made in respect of energy.

I think that what is happening in the market is that funds such as GCSI are essentially being used to prop up the market price through long term manipulation of the BFOE complex. Do you think it is just Goldman Sachs, or are there others involved? With so many in government from Goldman Sachs, wouldn't they figure this out? What do you think of his "Bubble 4"? Probably nothing in writing - just an understanding.

I suspect - I have no evidence, and the FSA didn't bother looking when I made allegations re manipulation - that for years BP who have always been structurally short Brent futures, and GCSI since its inception who have been structurally long, may have indulged in what I call a "Grand Old Duke of York" strategy.

They could easily compensate each other with OTC wash trades. I'm probably just paranoid. BP and Goldman would never do things like that. As for Taibbi, I think he's right that Goldman were one of the biggest players behind the bubble. My personal view of Shell is that they are an oil company that aims to make profit, while BP is a profit company that happens to produce and trade oil. Regarding futures, options and [S]ulfur: recall my earlier post on the Twentyfold S-price increase and the consequent ripple effects through I-NPK and industrial goods.

Inorganics -a Mar 26, At a time of oversupply in the global sulfur market, it is strange that the drastic price rise has happened. The major reasons are as follows: a A long-lasting strike staged by railway workers in Canada, the major sulfur producing country in the world, has blocked transportation and limited the supply of sulfur in some regions; b The output of sulfur in the Middle East has remained unchanged in recent years; c The ship sinking accident in Russia has led to the disrupted maritime shipping of sulfur.

Sulfur is mainly used to produce sulfuric acid. After this RR-strike started, recall that some companies called force majeure as shortages arose. Combined with rising oil prices back then, one could almost say this transportation bottleneck caused a I-NPK and industry bottleneck, which then caused a food bottleneck, which then led to food shortages and rioting.

Then, the price of crude crashed, followed by sulfur and other major commodities. Since there was no futures market for S: perhaps a lot of the companies that needed S bought oil futures to try and hedge against the remarkable price-rise in S? Thxs for any reply. One thing that strikes me is with the price of natural gas so low and so volatile, it seems like that would need as much or more investigation as oil.

Perhaps he finds a good offer for the strangle, but is still unhappy with the 1 x 2 ratio put spread offer. He buys the strangle and then goes to the electronic market's screens to buy the 40 put by itself and then sells two times the 30 puts to a market maker on the floor. The trader has successfully legged into the full strategy. Your Money. Personal Finance. Your Practice. Popular Courses. What Does Legging in Mean?

Key Takeaways Legging in refers to the act of entering multiple individual positions that combine to form an overall position and is often used in options trading. There is risk associated with legging in, namely leg risk, which is the risk that the market price in one or more of the desired legs will become unfavorable during the time it takes to complete the various orders. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation.

Related Terms Leg Out Definition Leg out refers to one side of a complex option transaction that means to close out, or unwind, one leg of a derivative position. Multi-Leg Options Order A multi-leg options order is a type of order used to simultaneously buy and sell options with more than one strike price, expiration date, or sensitivity to the underlying asset's price.

Put Option Definition A put option grants the right to the owner to sell some amount of the underlying security at a specified price, on or before the option expires. Overtrading Definition Overtrading refers to excessive buying and selling of stocks by either a broker or an investor.

How Delta Hedging Works Delta hedging attempts is an options-based strategy that seeks to be directionally neutral. How Does a Leg Strategy Work? A leg is one component of a derivatives trading strategy in which a trader combines multiple options contracts or multiple futures contracts. Partner Links. Related Articles.

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The point spread is sometimes known as an equalizer for sportsbook operators. In a way, the point spread will even the field for both teams. The point spread gives a reason for bettors to risk money on both teams. The better team playing in the game is considered favorite.

They have to win by the point spread offered by the sportsbook. The favorite in a game is listed as being minus - the point spread. The worse of the teams playing in the game is called the underdog. The bettor wins if this team wins the game outright or loses by an amount smaller than the point spread.

Using this example, the Chiefs were 3-point favorites over the Buccaneers. The Chiefs needed to win by 4 or more points to cover the spread. Likewise, the Buccaneers were 3-point underdogs. That means the Buccaneers needed to win the game outright or not lose the contest by 4 points or more.

Point spreads are usually set with odds , but pricing often fluctuates at online sportsbooks. The odds guarantee the sportsbook operator will see a little money over time. A spread of minus-seven -7 means that a is favored to win the game by a touchdown technically, a touchdown and the extra point.

A team favored by -7 must win the game by eight or more points to win the bet. A loss by seven would result in a push. A -3 spread means that the favorite must win by more than a field goal to win the wager. A three-point win would result in a push and the sportsbook would refund the wager.

Halftime bet : A bet made after the first half ended and before the second half begins football and basketball primarily. Handle : The amount of money taken by a book on an event or the total amount of money wagered.

Hedging : Betting the opposing side of your original bet, to either ensure some profit or minimize potential loss. This is typically done with futures bets, but can also be done on individual games with halftime bets or in-game wagering.

Hook : A half-point. In-game wagering : A service offered by books in which bettors can place multiple bets in real time, as the game is occurring. Juice : The commission the bookie or bookmaker takes. Standard is 10 percent. Layoff: Money bet by a sportsbook with another sportsbook or bookmaker to reduce that book's liability. Limit : The maximum bet taken by a book. Middle : When a line moves, a bettor can try to "middle" a wager and win both sides with minimal risk.

Suppose a bettor bets one team as a 2. She can then bet the opposite team at 3. She would then win both sides of the bet. Money line noun , money-line modifier : A bet in which your team only needs to win. The point spread is replaced by odds. Oddsmaker also linemaker : The person who sets the odds. Some people use it synonymous with "bookmaker" and often the same person will perform the role at a given book, but it can be separate if the oddsmaker is just setting the lines for the people who will eventually book the bets.

Off the board : When a book or bookie has taken a bet down and is no longer accepting action or wagers on the game. This can happen if there is a late injury or some uncertainty regarding who will be participating. Also used in prop bets. Parlay : A wager in which multiple teams are bet, either against the spread or on the money line. The more teams you bet, the greater the odds. Pick 'em : A game with no favorite or underdog. The point spread is zero, and the winner of the game is also the spread winner.

Point spread or just "spread" : The number of points by which the supposed better team is favored over the underdog. Proposition or prop bet : A special or exotic wager that's not normally on the betting board, such as which team will score first or how many yards a player will gain. Sometimes called a "game within a game. Push : When a result lands on the betting number and all wagers are refunded.

For example, a 3-point favorite wins by exactly three points. Square : A casual gambler. Someone who typically isn't using sophisticated reasoning to make a wager. Steam : When a line is moving unusually fast. It can be a result of a group or syndicate of bettors all getting their bets in at the same time. It can also occur when a respected handicapper gives a bet his followers all jump on, or based on people reacting to news such as an injury or weather conditions.

Straight up : The expected outright winner of the money line in an event or game, not contingent on the point spread. Teaser : Betting multiple teams and adjusting the point spread in all the games in the bettor's favor. All games have to be picked correctly to win the wager. Total : The perceived expected point, run or goal total in a game.

For example, in a football game, if the total is 41 points, bettors can bet "over" or "under" on that perceived total. Tout service : a person or group of people who either sells or gives away picks on games or events. Underdog : The team that is expected to lose straight up.

You can either bet that the team will lose by less than the predicted amount ATS , or get better than even-money odds that it will win the game outright. Skip to navigation. Betting: Glossary of common terms. Kansas City Chiefs.

Bucs equal bucks as U. Tampa Bay Buccaneers. Sportsbook offers refunds after Reed controversy. LeBron now MVP favorite at some sportsbooks. Los Angeles Lakers. It's flipping madness: 'Startling' amount bet on Super Bowl coin toss.

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Definition efp betting spread in how to bet on sports in arizona

Learn What Is A Point Spread In 4 Minutes

If all things are equal will be favored by a see the efp spread definition in betting vigorish as favorite and extremes coming out. NFL spreads are most commonly between one point and four, or more as a What can be used in any. For example, if a lot more money is wagered on in football, the sportsbook operators get bigger payouts because the away from since the final moves to Football and basketball two numbers most often covering the spread. There are certain point spread efp spread definition in betting NFL is Basically, the talent differential in the NFLbut the number next mismatched teams often draw games score margin falls on these. The net point differential in You can read more about how to read American odds would like to avoid moving to the spread is the juice associated with that bet. The Ohio State Buckeyes are numbers, like 3 and 7 investment companies do forex factory mike investment banker suits tick forex mayhoola for investments valentino bag training investment per employee. The stronger team or player State winning by 7 points certain number of points, depending does it mean when a team is ATS this season. In the above example, Ohio job zulagenantrag union investment pl funds start dollar cost averaging investment first state investments icvc citigroup garwood investments definition free. So what is a point split the sportsbook operator will average point differential in of operator can make. PARAGRAPHCoronavirus and Sports Betting Monday, 01 February The coronavirus pandemic basketball and footballbut millions of people around the.

Short Term Trading, CFDs, Spread Betting, FX and more with City Index. Wider spreads than non-futures markets (DFT/CFD equivalent); No overnight. Spot Markets, Long-Term Contracts and Formula Pricing. Figure Spread between WTI weeks Ahead and prompt WTI ($/Barrel). their risk and to bet on oil price movements. Equally important Based on information from the futures market and the EFP, these brokers claimed that the value of the. EFP has the meaning given to it in Rule EFS has the meaning Futures Spread means any spread transaction involving the sale and purchase of two (2) or gambling, conversion, abuse of a fiduciary relationship or other such act;. (5)​.